{"id":56556,"date":"2023-05-12T18:00:17","date_gmt":"2023-05-12T12:30:17","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=56556"},"modified":"2023-05-12T18:00:54","modified_gmt":"2023-05-12T12:30:54","slug":"llp-compliance-for-financial-year-2022-23-ay-2023-24","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/","title":{"rendered":"LLP Compliance for Financial Year 2022-23 (AY 2023-24)"},"content":{"rendered":"\n<p>Every form of business structure registered in\nIndia, limited liability partnerships, etc., is required to submit certain\ndocumentation to the registrar of companies on a yearly basis. In line with the\n2008 Limited Liability Partnership Act and the 2013 Companies Act, all Indian\nbusinesses and LLPs are required to submit ROC annual filings. Both the annual\nROC file and its submission at specific times are necessary.<\/p>\n\n\n\n<p>A Limited Liability Partnership (LLP) is a form such\nas one-person businesses, public limited companies, and private limited firms,\na partnership and a corporation. The Registrar of Companies (ROCs), Ministry of\nCorporate Affairs, regulates LLPs. A particular kind of corporation is a\nlimited liability partnership that can have as many members as it likes, with\nno maximum. Although the compliance requirements for an LLP are less stringent\nthan those for a private limited company, it is nevertheless critical to keep\ntrack of all the major statutory due dates for the LLP&#8217;s annual filing. These\ninclude ROC submission, income tax submission, and GST submission. An LLP must\nbe well prepared and keep track of significant dates to ensure that all\nrelevant compliances are satisfied in a particular financial year.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#Where_is_LLP_defined\" >Where is LLP defined?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#Distinct_Legal_Entity\" >Distinct Legal Entity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#Compliance_with_ROCs_Is_Important\" >Compliance with ROCs Is Important<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#One-Time_Mandatory_Compliance_for_LLP\" >One-Time Mandatory Compliance for LLP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#Annual_mandatory_compliance_for_LLP\" >Annual mandatory compliance for LLP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#ROC_Compliance_Calendar_for_the_Years_2023-24_with_Due_Dates\" >ROC Compliance Calendar for\nthe Years 2023-24 with Due Dates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/llp-compliance-for-financial-year-2022-23-ay-2023-24\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_is_LLP_defined\"><\/span>Where is LLP defined?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Indian Partnership Act of 1932<\/strong><sup><a href=\"https:\/\/www.indiacode.nic.in\/bitstream\/123456789\/4095\/1\/the_indian_partnership_act_1932.pdf\"><strong>[1]<\/strong><\/a><\/sup>, Section 4 states\nthat a firm is one in which &#8220;people who have formed a partnership with one\nanother are referred to as &#8220;Partners&#8221; individually and &#8220;a firm&#8221;\ncollectively. The name under which their business is operated is referred to as\nthe &#8220;Firm Name.&#8221;<\/p>\n\n\n\n<p>The Income Tax Act of 1961 states, a business\nincorporate as a limited liability partnership (LLP) as specified by the\nLimited Liability Partnership Act of 2008. A &#8220;limited liability\npartnership&#8221; is defined in The Limited Liability Partnership Act of 2008&#8217;s\nSection 2(1)(n), as a partnership created and registered under the Act.<\/p>\n\n\n\n<p>&#8220;The LLP is a distinct legal person, liable for the full\namount of its assets, but the partners&#8217; responsibility is only as much as their\nagreed-upon investment in the LLP.&#8221;<\/p>\n\n\n\n<p>A partnership firm (including an LLP) is subject to\na 30% tax for the years 2022\u201323. LLP is a legal entity distinct from its\npartners, with perpetual succession.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Distinct_Legal_Entity\"><\/span>Distinct Legal Entity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Assets that are moveable, immovable, tangible, or intangible may be purchased, sold, or held.<\/li><li>The capacity to file a claim and be brought one.<\/li><li>opening a bank account authority<\/li><li>The ability to hire people.<\/li><li>Having the capacity to conduct any type of legal transaction.<\/li><li>All LLPs are expected to maintain compliance and submit certain statutory filings to the government annually in accordance with their powers. We examine the main LLP compliance requirements in this post.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliance_with_ROCs_Is_Important\"><\/span>Compliance with ROCs Is Important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nrelevance of ROC compliance in India is that it guarantees effective company\nrunning, protects stakeholders&#8217; rights, and preserves openness and\naccountability in company business operations. Failure to comply with ROC rules\ncan result in sanctions, consequences under the law, and damage to your\nreputation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"One-Time_Mandatory_Compliance_for_LLP\"><\/span>One-Time Mandatory Compliance for LLP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong>LLP Form 3:<\/strong><\/li><\/ul>\n\n\n\n<p>&nbsp;Within&nbsp;<strong>30 days<\/strong>&nbsp;of\nthe LLP&#8217;s establishment, the partners must sign an LLP Agreement and file a\ncopy with the Registrar of Companies in LLP&nbsp;<strong>Form 3.<\/strong><\/p>\n\n\n\n<ul><li><strong>Opening a Bank Account:<\/strong><\/li><\/ul>\n\n\n\n<p>Any bank in India must create a current account in the LLP&#8217;s name. All LLP-related transactions should be conducted solely through the LLP bank account<strong>.<\/strong><\/p>\n\n\n\n<ul><li><strong>PAN and TAN numbers:<\/strong><\/li><\/ul>\n\n\n\n<p>Every LLP\nis required by the Income Tax Department to get a Tax Deduction and Collection\nAccount Number (TAN) and a Permanent Account Number (PAN).(According to the LLP\n2nd Amendment Rules, 2022, the same will henceforth be assigned with the\nIncorporation Certificate.)<\/p>\n\n\n\n<ul><li><strong>Registration for GST<\/strong><\/li><\/ul>\n\n\n\n<p>Every\nbusiness with an annual revenue of more than Rs. 40 lakh (for service\nproviders, Rs. 20 lakh) must adhere to the goods and services Tax (GST) Act and\nRules is obliged to register for GST. It is not necessary to get GST\nimmediately after the LLP is formed. The LLP can get this registration as\nneeded.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Annual_mandatory_compliance_for_LLP\"><\/span>Annual mandatory compliance for LLP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong>Form 8: Statement of Accounts and Solvency for LLP:<\/strong><\/li><\/ul>\n\n\n\n<p>Every LLP\nmust prepare and close its accounts by March 31 of each year. At least two\nDesignated Partners must file Form 8 with the Registrar within 30 days of the\nfinancial year&#8217;s halfway point, together with a specified fee. The LLP&#8217;s\ninterim resolution specialist can now sign the Statement of Account and\nSolvency on the company&#8217;s behalf. Rules for LLP (2nd Amendment), 2022<\/p>\n\n\n\n<ul><li><strong>Form 11 of the LLP Annual Return:<\/strong><\/li><\/ul>\n\n\n\n<p>Every year, LLPs with an Indian registration are required to send the Registrar of Companies an annual report. Form 11 includes details on the number of partners, the total number of partners, the sum of all partners&#8217; contributions, details on body corporations as partners, and a list of all partners.\u00a0 60 days following the end of the fiscal year,\u00a0 all LLPs are required to submit this form together with the required filing fee. Consequently, the deadline for submissions is May 30 of each year. LLP Form 11 for the current financial year (2022-2023). Even LLPs without any active businesses must Annual returns and financial statements are submitted to the MCA. A NIL return must be submitted since it is required under the Limited Liability Partnership Act, even if there are no modifications or no transactions made by an LLP. Until all yearly returns are submitted, an LLP cannot be dissolved or disbanded. Therefore, in order to avoid a fine, it is crucial to submit your LLP Annual Return on time or earlier.<\/p>\n\n\n\n<ul><li><strong>Income Tax Return<\/strong><\/li><\/ul>\n\n\n\n<p>Each year,\nLLPs must submit an income tax return. Every year, the deadline for filing LLP\nreturns is July 31st. However, any LLP subject to a tax audit must file its\nincome tax return by September 30th.<\/p>\n\n\n\n<ul><li><strong>DIR 3 KYC:<\/strong><\/li><\/ul>\n\n\n\n<p>Each designated partner of an LLP must file\nform DIR 3 KYC on or before the 30th of September of every financial year.<\/p>\n\n\n\n<ul><li><strong>Audit:<\/strong><\/li><\/ul>\n\n\n\n<p>It should\nbe mentioned that only LLPs with annual revenues of at least Rs. 40 lakhs or\ncontributions of at least Rs. 25 lakhs are obliged to have their financial\nrecords audited.<\/p>\n\n\n\n<ul><li><strong>For an LLP (Limited Liability Partnership), other compliance is required:<\/strong><\/li><\/ul>\n\n\n\n<p>An LLP must\ncomply with a number of necessary compliance requirements as soon as it is\nconstituted. A failure to comply with these rules by an LLP might result in\nsevere fines. Let&#8217;s look at the list of crucial regulations that an LLP must\nabide by following its registration in India.<\/p>\n\n\n\n<ul><li><strong>Accountant records:<\/strong><\/li><\/ul>\n\n\n\n<p>Every LLP must keep adequate books of account for its affairs on a cash or accrual basis each year. At the registered office, the book of accounts must be kept using the double-entry system of accounting. Accounts of LLPs with a turnover of more than Rs. 40 lakhs or capital of more than Rs. 25 lakhs must be audited by a chartered accountant.<\/p>\n\n\n\n<p>Any LLP\nthat fails to comply with the provisions of the Act may be fined not less than\nRs. 25,000 and up to Rs. 5,00,000. In addition, the authorised partner may be\nfined between Rs. 10,000 and Rs. 1,000,000 for noncompliance.<\/p>\n\n\n\n<ul><li><strong>Filing of Annual Returns:<\/strong><\/li><\/ul>\n\n\n\n<p>Every\nlimited liability partnership (LLP) must complete an annual filing process.\nEach year, it entails completing and submitting two ROC forms to the Registrar\nof Companies. Each financial year, an LLP must file two types of MCA annual\nreturns: Form 8 and Form 11.<\/p>\n\n\n\n<ul><li><strong>Document Maintenance:<\/strong><\/li><\/ul>\n\n\n\n<p>All LLPs must have their incorporation document, names of partners and amendments made, evidence of fee payment, statement of account and solvency, and annual return filed with the Registrar at their registered office. The foregoing records should be easily accessible for inspection at the request of the appropriate authorities.<\/p>\n\n\n\n<ul><li><strong>Due date for LLP IT Returns for Financial Year 2022-23:<\/strong><\/li><\/ul>\n\n\n\n<p>LLPs, as\nwell as individuals and corporations, must file income tax returns. LLPs must\nfile their income tax returns on time. The last date for filing income tax\nreturns for LLPs that do not require a tax audit for FY 2022\u20132023 is July 31,\n2023.<\/p>\n\n\n\n<p>The last\nday to file income tax returns for the financial years 2022\u20132023 for LLPs\nsubject to a tax audit is September 30, 2023. Even LLPs that did not conduct\nany activity during the financial year are required to file NIL income tax\nreturns.<\/p>\n\n\n\n<ul><li><strong>Late filing fines for forms LLP 8 and LLP 11:<\/strong><\/li><\/ul>\n\n\n\n<p>An LLP\nwould be required to pay a penalty of Rs. 100 per day per form if it fails to\nsubmit its yearly filing forms within the required time frame. From the\ndeadline for submitting the return until the actual return is submitted, the\npenalty will be in effect.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ROC_Compliance_Calendar_for_the_Years_2023-24_with_Due_Dates\"><\/span>ROC Compliance Calendar for\nthe Years 2023-24 with Due Dates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<table class=\"wp-block-table table table-bordered\"><tbody><tr><td>\n  <strong>Type of Forms<\/strong>\n  <\/td><td>\n  <strong>Particulars<\/strong>\n  <\/td><td>\n  <strong>Due Dates<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>MSMe 1<\/strong><strong><\/strong>\n  <\/td><td>\n  Half-year form for overdue MSME\n  payments\n  <\/td><td>\n  30.04.2023 (October 2022 to March 2023)\n  31.10.2022 (April 2023 to September 2023)\n  <\/td><\/tr><tr><td>\n  <strong>LLP 11<\/strong><strong><\/strong>\n  <\/td><td>\n  LLP Annual Return\n  <\/td><td>\n  30.05.2023\n  <\/td><\/tr><tr><td>\n  <strong>PAS 6<\/strong><strong><\/strong>\n  <\/td><td>\n  To be submitted by an unlisted public business\n  for a share capital reconciliation audit report every six months\n  <\/td><td>\n  30.05.2023 (For the half-year\n  ending March 31st)\n  29.11.2023 (For the half-year\n  ending on September 30th)\n  <\/td><\/tr><tr><td>\n  <strong>DPT 3<\/strong>\n  <\/td><td>\n  Deposit Refunds\n  <\/td><td>\n  30.06.2023\n  <\/td><\/tr><tr><td>\n  <strong>FLA<\/strong>\n  <\/td><td>\n  RBI Annual Return\n  <\/td><td>\n  15.07.2023\n  <\/td><\/tr><tr><td>\n  <strong>DIR 3 KYC<\/strong>\n  <\/td><td>\n  Directors&#8217; and Partners&#8217;\n  Know-Your-Customer (KYC)\n  <\/td><td>\n  30.09.2023\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  <strong>MGT 14<\/strong>\n  <\/td><td>\n  Companies must complete this\n  form after passing any resolution (or when an event occurs).\n  <\/td><td>\n  &nbsp;\n  29.10.2023\n  (Within 30 days of Board Resolution Approval)\n  <\/td><\/tr><tr><td>\n  <strong>ADT 1<\/strong>\n  <\/td><td>\n  Notice to the Registrar of\n  Auditor Appointment\n  <\/td><td>\n  14.10.2023\n  (Within 15 days of the General Election)\n  <\/td><\/tr><tr><td>\n  <strong>AOC 4<\/strong>\n  <\/td><td>\n  Financial Statements Filing\n  Form\n  <\/td><td>\n  29.10.2023\n  (Within 30 days of the Annual General Meeting)\n  <\/td><\/tr><tr><td>\n  <strong>MGT 7<\/strong>\n  <\/td><td>\n  Annual Profit\n  <\/td><td>\n  28.11.2023\n  (Within 60 days of the Annual General Meeting)\n  <\/td><\/tr><tr><td>\n  <strong>LLP 8<\/strong>\n  <\/td><td>\n  LLP Account Statement and\n  Solvency\n  <\/td><td>\n  30.10.2023\n  <\/td><\/tr><tr><td>\n  <strong>OPC AOC 4<\/strong>\n  <\/td><td>\n  Financial Statement Filing\n  Form\n  <\/td><td>\n  27.09.2023\n  <\/td><\/tr><tr><td>\n  <strong>OPC MGT 7A<\/strong>\n  <\/td><td>\n  Annual Profit\n  <\/td><td>\n  28.11.2023\n  (According to the MCA MGT 7A Help Kit)\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/corpbiz.io\/llp-registration\">Limited Liability Partnerships<\/a><\/strong> in India must follow the ROC Annual Filing in the years 2023 \u20132024 in order to avoid penalties. It is critical for businesses to maintain track of these dates and ensure that all relevant filings are delivered on time. Finally, the ROC compliance calendar for the financial year 2022\u201323 in India gives a path for businesses to follow in order to comply with different rules and legislation under the Companies Act, 2013.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read Our Article<\/b>: <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/annual-filings-for-limited-liability-partnership\/\">A Complete Guide On Annual Filings For Limited Liability Partnership\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every form of business structure registered in India, limited liability partnerships, etc., is required to submit certain documentation to the registrar of companies on a yearly basis. In line with the 2008 Limited Liability Partnership Act and the 2013 Companies Act, all Indian businesses and LLPs are required to submit ROC annual filings. Both the [&hellip;]<\/p>\n","protected":false},"author":67,"featured_media":56557,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[155],"tags":[3609],"acf":{"service_id":"3"},"authorName":"Bhanwati","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-50.jpg","authorDescription":"She is pushing Diploma in Drafting , Negotiation &amp; Enforcement of Contract from NALSAR University of Law, Hyderabad. She has done Masters from Amity University , Lucknow in 2021 with Masters Degree in Law. Also she has been graduated from the Dr Ram Manohar Lohia National law University, Lucknow in 2020 with\u00a0 Bachelor Degree in Law.","postViews":4827,"readingTime":6,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/56556"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=56556"}],"version-history":[{"count":4,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/56556\/revisions"}],"predecessor-version":[{"id":56561,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/56556\/revisions\/56561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/56557"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=56556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=56556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=56556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}