LLP Due Dates

Due Dates for LLP

Due Dates for LLP – MCA and Tax Return

Limited Liability Partnerships (LLP) is a relatively new type of corporate entity that is a hybrid between a company and a partnership firm. LLPs registered in India must file their income tax return and MCA annual return each year irrespective of business activity, turnover or profits. In this article, we look at the important due dates for LLP annual return filing and tax return filing.

LLP MCA & Tax Due Dates
LLP MCA & Tax Due Dates

LLP MCA & Income Tax Filing

IndiaFilings offers LLP MCA and income tax filing services at just Rs.7899. The service includes a dedicated accountant to prepare financial statements, preparation and filing of MCA return and preparation and filing of income tax return. To know more get in touch with an IndiaFilings Advisor at [email protected].

[maxbutton id=”17″ url=”https://www.indiafilings.com/llp-annual-filing” text=”LLP MCA & Tax Filing by IndiaFilings” ]

Form 11 Due Date

All LLPs registered in India must file Form 11 with the Ministry of Corporate Affairs (MCA) before 30th May of each year. 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. A sample LLP Form 11 is reproduced below for reference:

Income Tax Return

LLPs must file income tax return in form ITR-5. The due date for filing income tax return for a LLP would change based on the amount of turnover the LLP recorded in the previous year and the amount of capital contribution. LLPs with an annual turnover of less than Rs.40 lakhs in the previous financial year or LLPs where partner’s obligation of contribution is less Rs. 25 lakh must file income tax return on or before 31st July.

LLPs having a turnover of more than Rs.40 lakhs and/or partner’s capital contribution of more than Rs.25 lakhs would have to get a tax audit. LLPs who require tax audit must file their income tax return on or before 30th September for the relevant assessment year.

Form 8 Due Date

All LLPs registered in India must file Form 8 with the Ministry of Corporate Affairs (MCA) before 30th October of each year. Form 8 is also known as Statement of Account & Solvency. In Form 8, the LLP must provide details of financial transactions undertaken during the financial year and position at the end of financial year. Hence, to file LLP form 8, the company must have prepared financial statements for the financial year to file the various data and information required in Form 8. A sample Form 8 is reproduced below for reference:

Penalty for Late Filing LLP MCA or Income Tax Return

LLPs are subject to a stringent penalty for late filing of MCA or Income Tax returns. Failure to file Form 8 or Form 11 can lead to a penalty of Rs.100 per day per form. Hence, if a LLP fails to file Form 11, it would lead to a penalty of Rs.100 per day and if a LLP fails to file Form 8, it would lead to a penalty of Rs.200 per day.

In addition to the MCA penalty, LLPs would also be subject to penalty under the Income Tax Act for not filing returns on time. From the Assessment Year 2018-19 (1st April 2018), failure to file income tax return also incurs a penalty of Rs.5000 if the return due on July 31st if filed between August and December of the same assessment year. If an income tax return due on 31st July is filed after 31 December of the same assessment year, then a mandatory penalty of Rs.10,000 will be levied.

Know more about Income Tax Late Filing Penalty.

GST Returns

A LLP having GST registration must also file GST returns in addition to MCA and income tax return. The due dates for a LLP to file GST returns is the 20th of each month for GSTR 3B returns. Know more about GST return due dates.

Other Related Guides

Retrenchment Compensation Retrenchment Compensation Retrenchment is the termination of an employee by an employer for reasons other than a punishment meted out by disciplinary...
Income Tax Demand Notice Income Tax Demand Notice If a taxpayer’s income tax return is in conflict with the assessment made by an Income Tax Officer, the taxpayer will be iss...
Income Tax Rate for LLP – AY 2019-20 Income Tax Rate for LLP – AY 2019-20 LLP or Limited Liability Partnership is a corporate entity formed under the Limited Liability Partnership Act, 2...
Foreign National Income Tax Filing Foreign National Income Tax Filing Foreign nationals are individuals who are not citizens of India. Income and capital gains earned by a foreign nati...
Import eWay Bill Import eWay Bill While generating the e-way bill for outward supplies details like invoice number, date, quantity, the value of supply, tax, HSN code...

Post by IndiaFilings

IndiaFilings.com is committed to helping entrepreneurs and small business owners start, manage and grow their business with peace of mind at an affordable price. Our aim is to educate the entrepreneur on the legal and regulatory requirements and be a partner throughout the entire business life cycle, offering support to the company at every stage to make sure they are compliant and continually growing.