LLP is hybrid combination of Partnership Firm and Private Limited company. LLP registration is start point of you startup journey. Once LLP is registered statutory annual compliances shall be applicable. LLP annual filing include Form 8 , Form 11 , Income Tax filing & LLP Audit. Even LLP No having any transaction during year still need to do LLP annual filing. LLP partners are responsible to prepare books of accounts of LLP and annual filing. LLP financial year starts from April and closed at 31st March.
Below are list of LLP statutory compliance for FY 2019-20.
Every LLP Registered in Indian need to LLP Annual return. LLP Form 11 annual return is online filing. Form 11 need to be filed with Ministry of Corporate Affairs (MCA) before 30th May of each year. Form 11 have information number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partner. LLP Form 11 due date for FY 2021-22 is 30 May 2022.
Even LLP with no transaction required to file form 11.
As per Section 139(1) Any firm including LLP (Limited Liability Partnership) or Unlimited Liability Partnership is liable for Income Tax Return (ITR) Filing. Every LLP registered before 31 March 2020 shall file income tax return. LLP with nil / no transaction is also required to file income tax return. For FY 2021-22 income tax return filing due date is 31 July 2022. And for audit case Tax filing due date is 30 September 2020.
LLP Form 8 filing is important statutory compliance for FY 2019-20. Every LLP Registered in India shall file Form 8. Filing of Form 8 is online with Ministry of Corporate Affairs (MCA). Form 8 is also known as Statement of Account & Solvency. Once LLP prepare its financial statements such as Balance sheet , Profit and loss statement they shall fill this information in form 8. For Financial Year 2021-22 Form 8 due date is 30 October 2022.
LLP Audit is important statutory compliance for FY 2019-20. LLP Audit is applicable if a turnover of more than Rs.40 lakhs and/or partner’s capital contribution of more than Rs.25 lakhs. Where LLP Audit is required firm shall appoint Chartered Accountant for Audit. In LLP audit , CA firm verify books of accounts of LLP and certify same. For FY 2021-22 LLP Audit due date is 30 September 2022. Also who’s turnover exceed given limit of Section 44 AB of Income Tax Act 1961 shall also do Income Tax Audit.
LLP Partner DIN KYC filing is application for designated partners of LLP. As per Ministry of Corporate Affairs, it is mandatory for LLP Partners to file DIR 3 KYC form. For non filing of DIN KYC late filing penalty of Rs. 5000/- applicable.
LLP partners are responsible for LLP Annual filing and tax return filing. Partners required to maintain books of accounts of LLP and file statutory annual compliances for LLP. Its advisable to file all statutory LLP compliance to avoid further penalty and late filing fees. Below is summary for non filing penalty.
|S.No.||Particulars||Penalty / Late Fees|
|1||LLP Form 11||Per Day Rs.100 /-|
|2||LLP From 8||Per Day Rs.100 /-|
|3||Income Tax Return||upto Rs. 10000/-|
|4||LLP Tax Audit||uotp Rs. 150000/-|
|5||DIN KYC||Rs. 5000/- Per DIN|