Forms and Returns:
1. LLP Form 8 (Statement of Account & Solvency):
LLP Form 8 is required to be filed annually with the MCA. It contains details of the LLP’s statement of accounts, including balance sheet, profit and loss account, and solvency statement.
The due date for filing LLP Form 8 is within 30 days from the end of six months of the financial year. For example, if the financial year ends on 31st March, the due date for filing Form 8 would be 30th October.
2. LLP Form 11 (Annual Return of LLP):
LLP Form 11 is the annual return of the LLP, providing details such as the LLP’s principal business activities, partners’ details, and capital contributions.
The due date for filing LLP Form 11 is within 60 days from the end of the financial year. Using the example above, if the financial year ends on 31st March, the due date for filing Form 11 would be 30th May.
Additional Filings (if applicable):
1. Income Tax Return (ITR):
LLPs are also required to file income tax returns annually with the Income Tax Department. The due date for filing income tax returns varies depending on the LLP’s turnover and other factors.
2. GST Returns (if registered under GST):
If the LLP is registered under the Goods and Services Tax (GST), it must file GST returns periodically as per the GST laws and regulations.
Penalties for Late Filing:
Late filing of LLP annual forms and returns may attract penalties, including additional fees for each day of delay.
Non-compliance with annual filing requirements may lead to the LLP being declared as a “Defaulting LLP,” which can result in restrictions on certain activities and additional compliance obligations.
Compliance:
Ensure accurate and timely filing of LLP annual forms and returns to maintain compliance with regulatory requirements and avoid penalties.
Keep track of due dates for filing LLP forms and returns, and set reminders to ensure timely submission.
Regularly monitor changes in regulatory requirements and update internal processes accordingly to ensure continued compliance.
It’s essential for LLPs to stay informed about their annual filing requirements and comply with regulatory obligations to avoid penalties and maintain good standing with the authorities. Additionally, seek professional advice from chartered accountants or company secretaries for assistance with LLP annual filings and compliance matters.
To know more, Go through this link https://hamaricompany.com/llp-annual-filing/