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. It is important file necessary forms before the LLP due date for income tax return. In this article, we look at the important due date for LLP income tax return filing and tax return filing.

LLP MCA & Tax Due Dates

LLP MCA & Income Tax Filing

IndiaFilings offers LLP MCA and income tax filing which 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

sales@indiafilings.com.

LLP MCA & Tax Filing by IndiaFilings

Form 11 - Due date for LLP income tax return

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:

LLP Income Tax Return Due Date

LLPs must file income tax return in

form ITR-5. The LLP income tax return due date 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 , the LLP ITR filing due date is 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, the LLP ITR filing due date is 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. It emphasizes the important meet the LLP due date for income tax return. Failure to file Form 8 or Form 11 before the LLP income tax return filing due date 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 or before LLP income tax return filing due date. 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.

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Frequently Asked Questions

Common questions about LLP Income Tax & MCA Filing Deadlines 2023.

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 contribution received by all partners, and details of body corporate as partners.

The due date for filing LLP Income Tax Return (ITR-5) depends on the LLP's annual turnover and partners' capital contribution. LLPs with an annual turnover of less than Rs. 40 lakhs or partners' contribution less than Rs. 25 lakhs must file ITR by 31st July. LLPs requiring a tax audit (turnover above Rs. 40 lakhs or contribution above Rs. 25 lakhs) must file ITR by 30th September.

Form 8 is also known as the Statement of Account & Solvency. All LLPs must file Form 8 with the MCA before 30th October of each year. It provides details of the LLP's financial transactions and position at the end of the financial year.

Failure to file Form 8 or Form 11 before the due date can lead to a penalty of Rs. 100 per day per form. Additionally, LLPs may face penalties under the Income Tax Act for not filing returns on or before the due date, ranging from Rs. 5,000 to Rs. 10,000, depending on the delay.

Yes, LLPs with GST registration must file GST returns in addition to MCA and income tax returns. The due date for filing GSTR 3B returns for LLPs is the 20th of each month.

LLP Form 11 requires details such as the number of partners, total contribution received by all partners, details of body corporate as partners, and a summary of partners.

Meeting the LLP due dates for income tax return and other filings is crucial to avoid penalties and maintain compliance with the MCA and Income Tax Act regulations. Late filings can lead to substantial financial penalties and legal consequences.

Yes, LLPs can outsource their MCA and income tax filing to professional service providers like IndiaFilings. These companies offer dedicated accountants to prepare financial statements and handle the preparation and filing of MCA returns and income tax returns.

An LLP's turnover and partners' capital contribution determine whether it requires a tax audit or not. LLPs with a turnover above Rs. 40 lakhs or partners' contribution above Rs. 25 lakhs must undergo a tax audit and have a different due date for filing their income tax return.

LLP Form 8, also known as the Statement of Account & Solvency, provides details of the LLP's financial transactions undertaken during the financial year and its position at the end of the financial year. It is a crucial document for assessing the LLP's financial standing and solvency.