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Annual Filings of LLP

Perila Sheth 
on 16 April 2014

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ANNUAL FILING OF LLP

All LLPs shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs.

Every Limited Liability Partnerships (LLPs) is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually.

Even if LLP does not do any business, it has to comply with statutory requirement such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return every year. The statutory fees will depend upon the capital contribution of LLP.

Every LLP Registered on or before 30th September 2013 have to file returns for the year ending 31.03.2014.

Filing of Returns with Registrar of LLP for LLP’s registered on or after 1st October 2013 will fall only in the year 2015.

However, Every LLP Registered on or after 1st October 2013 and before 31st March 2014 have to file the Income Tax return with the Income Tax Authorities. Filing of returns is mandatory whether the LLP has started any business or not.

Audit Requirement under LLP Act:

Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant.

Audit requirement under Income Tax Act:

Audit of accounts is mandotory requirement under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.

Certifications from PCS:

In case of LLPs with turnover more than five crore rupees in a financial year or contribution more than fifty lakh rupees, the annual return shall be certified by a Company Secretary in Practice.

Filing Income Tax Returns:

In case where Audit is required, the last date for filing Income Tax returns is 30th September 2014 and wherein companies which do not fall under the Audit requirement criteria will have to file Income tax returns on or before 31st July 2014.

If the LLP has not carried any business during the year ended 31.03.2014, the LLP has to file a NIL IT RETURN with Income Tax Authorities.
 

Filing Annual Accounts:

All LLPs are required to maintain the Books of Accounts in Double Entry System and has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. LLP

Form 8 to be filed with the Registrar of LLPs on o r before 30th October every year. i.e 30-10-2014  is the last date for filing annual accounts this year.

Filing Annual Return:

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e the Annual Returns has to be filed on or before 30th May every year. i,e 30-05-2014 is the last date for filing annual Returns this year.

The Following are the Returns to be filed by an LLP for the year ended 31.03.2014.
 

A.

REGISTRAR OF LLP

Last date for filing

1.  Annual Return (Form 11)

30-05-2014

2. Accounts (Form 8)

30-10-2014

 

B.

INCOME TAX RETURN

a.  In case Audit is not required

31-07-2014

b.  In Case Audit is required

30-09-2014

DSC Requirements

While uploading e-forms Digital Signatures of any 2 Designated Partners are required for filings.

Penalty for Non-Filing

If there is delay in filing form no.8 and 11 of LLP, you will have to pay penalty as applicable on today’s date. If filing is not done within stipulated time, there is penalty of Rs. 100 per day till it is complied. You cannot close or wind up your LLP without filing Annual Accounts.

So if you don’t file on time, your LLP turns into unlimited statutory liability till the day it is complied.

The provisions of the Act require LLPs to file the documents like Statement of Account and Solvency (SAS) and Annual Return (AR) ie. Form 8 and Form 11. within the time specifically indicated in relevant provisions.

The LLP Act contains provisions for compounding of offences which are punishable with fine only.

Further, for defaults/non-compliance on procedural matters such as time limits for filing requirements provisions have been made for charging default fees (on daily basis) in a non-discretionary manner.

TO avoid all the dangerous consequences of heavy penalty, it would be advisable to comply on time within stipulated due date of filing.

Perila Sheth

B.Com, M.Com, ACS

For any kind of professional assistance or advice you can drop your queries at perilasheth@gmail.com


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