Complying with the necessary regulations is paramount for businesses registered in India. Limited Liability Partnership (LLP) is a business structure that demands adherence to specific guidelines, with a minimum requirement of two members and no maximum limit. While the compliance requirements for LLPs are less stringent compared to Private Limited Companies, it is still vital to stay informed about the significant statutory due dates for LLP annual filing, including ROC filing, income tax filing, and GST filing.
To ensure smooth compliance throughout the financial year, it is essential for LLPs to be well-prepared and maintain a record of these crucial dates. Hence, we have compiled a comprehensive calendar encompassing all the essential statutory due dates for LLP annual filing for the Financial Year 2022-23 (AY 2023-24).
Understanding LLP Annual Filing
LLP Annual Filing is a critical process that every Limited Liability Partnership (LLP) must undertake. It involves the preparation and submission of two ROC forms to the Registrar of Companies annually. The first form, Form LLP 11, is the Annual Return, which must be filed within 60 days from the end of the financial year. The second form, Form LLP 8, is the Statement of Account & Solvency, which should be filed within 30 days from the end of six months of the financial year.
LLPs must comply with statutory requirements such as Annual Returns, Income Tax Returns, Profit and Loss Accounts, and Balance Sheets, even if they do not engage in any business activities. Similar to companies, LLPs follow a financial year from 1st April to 31st March.
Deadline for LLP Form 11 Submission for the Financial Year 2022-23 (LLP Annual Return Filing) – May 30, 2023
– LLP Annual Return Filing:
– LLPs registered in India must submit an Annual Return to the Registrar of Companies each year.
– LLP Form 11:
– The Annual Return needs to be filed in LLP Form 11, which is a summary of management changes within the LLP during the financial year.
– Filing Deadline:
– LLPs have 60 days from the closure of the financial year to submit LLP Form 11.
– Due Date:
– The due date for LLP Annual Return Filing in LLP Form 11 for the FY 2022-23 is May 30, 2023.
– Obligation for All LLPs:
– Even if an LLP has not conducted any business activities, it is mandatory to file a NIL return in LLP Form 11.
– Submission to MCA:
– LLPs must submit their Annual Returns and Financial Statements to the Ministry of Corporate Affairs (MCA).
– Compliance with the LLP Act:
– Filing the LLP Form 11 is a requirement under the Limited Liability Partnership Act.
It is important for LLPs to adhere to these filing requirements and meet the deadline to ensure compliance with the regulations governing LLPs in India.
LLP form 8 Due date for FY 2022-23- 30.10.2023
1. LLPs are required to file LLP Form 8 along with LLP Form 11 annually.
2. LLP Form 8 serves as a Statement of Account and Solvency for the LLP.
3. The due date for filing LLP Form 8 is within 30 days from the completion of six months after the financial year’s closure.
4. For the financial year 2022-23, the deadline for filing LLP Form 8 is October 30th, 2023.
5. LLP Form 8 includes a declaration made by designated partners, providing information about the solvency state of the LLP.
6. LLP Form 8 also contains details about the Statement of Assets and Liabilities of the LLP.
7. Additionally, LLP Form 8 includes information about the Statement of Income and Expenditure of the LLP.
Deadline for filing IT Returns for LLP (FY 2022-23)
1. The deadline for filing Income Tax Returns for LLPs for FY 2022-23 is mandatory, and applicable to both LLPs, individuals, and businesses.
2. LLPs are required to file their Income Tax Returns before the specified due date.
3. For FY 2022-23, LLPs not requiring Tax Audit must submit their Income Tax Returns by July 31st, 2023.
4. LLPs that necessitate Tax Audit have a deadline of September 30th, 2023, for filing their Income Tax Returns for FY 2022-23.
5. It is crucial for LLPs to file Nil Income Tax Returns, even if they did not conduct any business activities during the financial year.
Penalties for Late Filing of LLP Form 8 and LLP Form 11
In the event that an LLP fails to submit its annual filing forms within the specified timeframe, it will incur a penalty of Rs. 100 per day per form. This penalty will be applicable starting from the due date of filing until the actual submission of the return. The Designated Partners of an LLP bear the responsibility of maintaining accurate Books of Accounts and submitting an Annual Return to the MCA each fiscal year. To avoid incurring penalties, it is highly recommended that LLPs complete the filing of their LLP Form 8 and LLP Form 11 prior to the designated due dates.
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