Annual Filing for LLP

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Annual Filing for LLP (Limited Liability Partnership)

For maintaining proper Annual Filing for LLP, it is required to file returns periodically. Returns are also need to be filed in order to avoid penalty provisions due to non compliances. There are few Annual Filing for LLP which must be fulfilled from time to time. In comparison to private limited company, annual compliances are very few for LLPs however fine penalty is higher in case of non compliance.

Annual Compliance calendar for LLPs

In case LLPs registered on or before 30th September 2017

Forms Applicable case Due date
Form 11 (Annual Return) Whole description of management of affairs of LLP 30th May
Form 8 (Annual Accounts) Detail of financials of company 30th October

Note: Form 11 & Form 8 are not required to be filed for LLPs registered on or after 1st October.

Due Dates of Income Tax Return Filing

  • It is required for LLPs to file income tax return on or before 31st July to whom tax audit is not required to conduct.
  • It is required for LLPs to file income tax return on or before 30th September to whom tax audit is required to conduct.
  • Limited Liability Partnerships (LLPs) are considered as separate legal entities thus it is required to maintain proper books of accounts and file an annual return with the Ministry of Corporate Affairs (MCA) on prescribed time by the elected partners.

Audit Requirement

If the annual turnover of Limited Liability Partnership is more than INR 40 lakhs or contribution is more than INR 25 lakhs then it is required for LLPs to audit their books of account. Therefore if the above-mentioned condition is not fulfilled then LLPs are not required to get their books of account audited and it makes the Annual Filing for LLP process simpler. Accounts shall be audited by the Practicing Chartered Accountant.

Form 3CEB is required to be filed by the LLPs if they have entered into any international transactions with associated enterprises or in case of specified Domestic Transactions. It has to be certified by a practicing Chartered Accountant. If LLP filed this form then due date for income tax return filing shall be 30th November.

Form ITR 5 will be filed by the LLPs for income tax return. Form can also be online filed via the income tax website. For online filing of form designated partner's digital signature are required.

Filing of Statement of Account & Solvency & Annual Return

Statement of Account & Solvency is required to be filed by the Limited Liability Partnerships (LLPs) within a prescribed period of thirty days from the day six months end of the financial year whereas Annual Return within the prescribed period of sixty days from the end of the financial year.

Financial year for Limited Liability Partnerships will be mandatorily from 1st April to 31st March therefore Statement of Account & Solvency shall be filled on or before 30th October of every financial year.

Annual Filing for LLP are required to their annual return on or before 30th May every year even in case no business has been completed in such financial year. Annual filing is mandatory irrespective of the fact LLP has started any business or not.

Annual Filing for LLP is required to be filed in Form-11. Form 11 consist the detailed summary of management of affairs of LLP such as name of members and total number of members in LLP. It is required to be filed every year by 30th May.

Books of accounts must be in place as LLPs are required to fill the financial data in Form 8 with respect to the profit made and have to submit it every year.

There is a requirement of attestation of Form 8 by the designated partners and it has to be certified by a practicing chartered accountant or a practicing company secretary or a practicing cost accountant.

Penalty Provisions

In case Annual Filing for LLP fails to file the statement of accounts & solvency report within the prescribed period of time then it shall be liable for a fine of INR 100 per day.

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