Important Statutory due dates for LLP annual filing FY 2022-23

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 31^st March. LLP Annaul filing compliance is online and simple. LLP annual filing is mode of giving information about LLP sales, profit , partners , loan etc. to the government. LLP partners are responible for LLP annual filing compliances.

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LLP Statutory Compliances in 5 Parts FY 2022-23

Below are list of LLP statutory compliance for FY 2022-23.

1. Form 11
2. Income Tax Return
3. Form 8
4. LLP Partner DIN KYC
5. LLP Audit

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1# LLP Form 11 Annual Return

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 2022-23 is 30 May 2022.

Even LLP with no transaction required to file form 11.

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2# Income Tax Return Filing For LLP

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 2023 shall file income tax return. LLP with nil / no transaction is also required to file income tax return. For FY 2022-23 income tax return filing due date is 31 July 2022. And for audit case Tax filing due date is 30 September 2023.

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3# LLP Form 8

LLP Form 8 filing is important statutory compliance for FY 2022-23. 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 2022-23 Form 8 due date is 30 October 2022.  

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4# LLP Audit

LLP Audit is important statutory compliance for FY 2022-23. LLP Audit is applicable if a turnover of more than Rs.40 lakhs and/or partner’s capital contribution of more than Rs.40 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 2022-23 LLP Audit due date is 30 September 2023. Also who’s turnover exceed given limit of Section 44 AB of Income Tax Act 1961 shall also do Income Tax Audit.

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5# LLP Partner DIN KYC

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.

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Penalty For Non Filing LLP Statutory Compliance for FY 2022-23

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

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Reasons to do LLP Statutory Compliance

Partners are resonbile for LLP statutory compliance for each non compliance late fees is applicable. Folling are common reasons to follow regual LLP annual compliances.

1. Avoid Late filing Fees
2. Income Tax Return useful for loan 
3. LLP Closure not possible without annual filing
4. Keep Partners DIN Active 
5. LLP Takeover

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