Heavy Penalty on LLPs if Annual Filings not done by 30th May

All the Limited Liability Partnership's (LLP) Registered under the LLP Act 2008 are required to file Yearly returns mandatorily whether the LLP do business or not.

1. LLP Annual Return - Form 11:
   Annual Return (Form 11) is a summary of details of Partners and Designated Partners and changes among them during the year. An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.
2. LLP Statement of Accounts (Profit and Loss Account & Balance Sheet)- Form 8:
   The Statement of Accounts (Form 8) is the summary of Financial Transactions such as Assets / Liabilities and Income and Expenditure details of LLP. Every LLP has to close its books of accounts as on 31st March every year and prepare a Statement of Accounts (Profit and Loss Account and Balance Sheet) and has to file the same with Registrar of LLP and Income Tax Authorities.
   LLP has to file the Statement of Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the statement of Accounts is to be filed on or before 30th October every year.
   An LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall get its accounts audited by a qualified Chartered Accountant.
3. LLP Income Tax Return(ITR):
   An LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act as well.
   In case the LLPs accounts that are subject to audit, either under Income tax Act or LLP Act, the last date for filing the Income Tax Return is 30th September every year.

Things to Remember

1. Filing of returns is mandatory whether the LLP has done any business or not. In case of an LLP not carrying any business, it is required to file a NIL return.
2. Delay in filing the LLP Returns (Form 11 & Form 8) in time will attract a penalty of Rs.100 each per day.
3. If the LLP has incurred Loss during the period, the filing of IT Return in time is necessary to carry forward the Loss to set off against future Profits

For LLP Registration visit here 

For LLP Compliances visit here

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