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All LLPs registered with the MAC(Ministry of Corporate Affairs) need to file Annual Returns and Statement of Accounts for each Financial Year. Unlike Companies,
LLPs mandatorily have to maintain their financial year, as April 1st to March 31st.
LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year i.e 30st May and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year ie.30th Oct.to which it relates.
Every LLP has to maintain uniform financial year ending on 31st March of a year. It is mandatory for a LLP to file a return irrespective of whether it has done any business.
In addition, LLPs also mandatorily required file income tax return(ITR's) every year
USEFUL FORM of LLP
LLP FORM 11(Annual Return)
Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners
and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee. Hence, the due date for
filing LLP Form 11 is 30th of May each year.
LLP FORM 8(Form of Statement of Account & Solvency)
Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated
partners and it must be certified by a CA/CA/CMA.
LLP TAX AUDIT
LLPs are separate legal entities. Therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with
the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs.
CA are authorised to to do Tax Audits.Due date to file tax audit report is 30 Oct.
INCOME TAX RETURN FILING
LLPs must file ITR using Form ITR 5. The deadline for LLP tax filing in India is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practising Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September 30th.
Documents Required
FAQS
Can an existing partnership firm be converted to LLP?
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
Can an existing company be converted to LLP?
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Can a listed company be converted to LLP?
No, only private / unlisted public company can be converted into LLP.
How can I apply for reserving LLP Name?
File LLP Form No. 1 (Application for reservation or change of name) by logging on to the LLP portal along with the fee prescribed and attaching the digital signature of the designated partner proposing to incorporate a LLP.Also, refer the LLP name availability guidelines prescribed under section-15 read with Rule-18 of LLP Rules, 2009.
Whether name of LLP can end with words like ‘Limited’ or ‘Pvt. Limited’?
No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’.
What is the duration during which the approved name is available for formation of the LLP? Or What is the validity period of approved name of LLP?
The approved name of LLP shall be valid for a period of 3 months from the date of approval. If the proposed LLP is not incorporated within such period, the name shall be lapsed and will be available for other applicant/ LLP. Please note that there shall not be any provision for renewal of the name.
WHAT IS THE PENALTY FOR NOT FILING LLP ANNUAL RETURN?
Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs.100 for each day of default.
WHO IS RESPONSIBLE TO FILE LLP ANNUAL RETURN?
The Designated Partners of the LLP are responsible to file LLP ROC Return.
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