ANNUAL FILLING OF LLP
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.
LLP Annual Return
Annual Return 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 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.
LLP Statement of Accounts (Profit and Loss Account & Balance Sheet)
The Statement of Accounts 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 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.
Audit of LLP
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.
Frequently Asked Question
What is the due date of filing the Annual Return form?
According to provisions of LLP Act 2008 Every LLP is required to file Annual return in to the Registrar within 60 days from the closure of Financial Year Therefore The Annual return has to be filed on or before 30th May Every Year .
What is the penalty for non-filing of Annual return?
There is penalty of Rs. 100 per day till the date the form is filed.
What is the liability on the Designated partners for non-filing of the form?
If the LLP fails to file Annual Return before 30the May (prescribed time) , The Limited Liability Partnership shall be shall be punishable with fine which shall not be less than Rs 25000 but which may extend to Rs. 5,00,000 The designated partner of such limited liability partnership shall be punishable with fine which shall not be less than Rs. 10,000 but which may extend to Rs. 1,00,000.
Is Annual Filing compulsory even though LLP has not done any transaction since incorporation?
Even though the LLP is not functional since incorporation, the LLP shall be required to file e-form 11 by its due date. Filing Form 11 is a compulsory annual compliance.
Is certification of Company secretary compulsory in all cases?
In case total obligation of contribution of partners of the LLP exceeds Rs. 50 lakhs or turnover of LLP exceeds Rs. 5 crore, then the e-Form needs to be certified by a Company Secretary in whole time practice.
In case total obligation of contribution of partners of the LLP does not exceed Rs. 50 lakhs and turnover of LLP does not exceed Rs. 5 crore, then the eForm needs to be certified by the designated partner of the LLP. Enter the DPIN of the DP.