Important Llp Compliance - Due Date & Penalty

An LLP is a form of legal business entity that gives the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a traditional partnership. It is governed by the Limited Liability Partnership Act, 2008. In LLP, unlike a company, the designated partner have a direct relationship between owner and management.

All LLPs registered in India have to file the annual returns and statement of accounts for each Financial Year irrespective of annual revenue or profit. Hence, even a LLP that hasn't opened a bank account or commenced business activity would have to file the following filings each year to maintain LLP compliance and avoid penalty.

Important LLP Due Dates

The following filings are mandatory for all LLPs irrespective of activity. In addition to the below, a LLP having

GST registration would have to file GST returns every month.

Form	Due Date	Authority
Form - 11 (Annual Return)	3oth May	Ministry of Corporate Affairs
Form - 8 (Statement of Accounts)	30th October	Ministry of Corporate Affairs
Income Tax Return (ITR-5 Form)	31st July - If tax audit not required. 30th September - If tax audit required.	Income Tax Department

LLP Form 11

Annual return filing under form 11 is a summary of all the designated partners like whether there are any changes in the management of the LLP or not. Every LLP is required to file annual return in Form 11 to the Registrar of companies within 60 days from the closure of financial year i.e. annual return have to be filed on or before 30th May every year. Accordingly for the financial year 2017-2018, 30th May, 2018 is the last date for filing of annual return under form 11.

For the FY 2018-2019, the last day for LLPs to file Annual Return under Form 11 is the 30th of May, 2019.

LLP Form 8

Every LLP is required to prepare and close its accounts until the 31st March every year. LLP are required to maintain the Books of Accounts in Double Entry System and has to prepare a Statement of Accounts every year ending on 31st March. From 8 is to be filed, by at least two Designated Partners, with the Registrar on or before 30th October every year. Accordingly for the current financial year, 30th October, 2018 is the last date for filing statement of accounts for the financial year 2017-2018.

For the FY 2018-2019, the last day for LLPs to file annual accounts under Form 8 is the 30th of October, 2019.

Income Tax Return

Every LLP has to file Income Tax Returns every year. LLP being a separate legal entity, apart from the partner's income tax return, you have to always file the LLP Income tax return. The last date of filing of income tax return for LLP is 31st July or 30th September, as the case may be. If LLP’s books of accounts are not required to be audited, than, due date for filing income tax return would be 31st July and if LLP is covered under tax audit i.e. books of accounts are to be audited, due date for filing Income tax return would be 30th September.

The due date to file Income Tax Return for LLPs which do not require their accounts to be audited under any law is the 31st of July, 2019. The due date to file Income Tax Return and Audit Report for LLPs which are subject to audit under the law is the 30th of September, 2019.

Audit for LLP

The following audit by a practising

Chartered Accountant would be required for a LLP.

Tax Audit

Every LLP whose turnover exceeds INR 1 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act. Such audit will have to be completed and filed by 30th September.

LLP Act

It may be noted that only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.

Certificate from Company Secretary

In case of LLPs with turnover more than five crore rupees in a financial year or contribution more than fifty lakh rupees, the annual return filed under form 11 needs to be certified by a Company Secretary in Practice.

Penalty for Late Filing

If there is a delay in filing Form 8 and 11 of LLP, penalty of Rs. 100 per day per form is payable from the due date of filing return till the date actual return is filed. In case of late filing income tax return, a penalty of Rs.5000 would be applicable for returns late filed between 1st August and 31st December of the assessment year. A penalty of Rs.10,000 will be applicable on return filed after 31st December of the same assessment year.

Filing LLP Compliance

IndiaFilings offers an easy and online platform for filing LLP form 8, form 11 and income tax return along with accounting and financial statement preparation services at just Rs.7,899. Know more about

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Frequently Asked Questions

Common questions about LLP Compliance Filing: Due Dates & Penalties for India.

An LLP (Limited Liability Partnership) is a form of legal business entity that offers limited liability to its members while allowing flexibility in organizing the internal structure like a traditional partnership. All LLPs registered in India must file annual returns and statement of accounts for each financial year, regardless of their revenue or profit, to maintain compliance and avoid penalties.

The important due dates for LLP compliance filings are: Form 11 (Annual Return) by 30th May, Form 8 (Statement of Accounts) by 30th October, and Income Tax Return (ITR-5) by 31st July (if tax audit not required) or 30th September (if tax audit required).

Form 11 is the Annual Return filing for LLPs, which summarizes information about the designated partners and any changes in the management of the LLP. It must be filed with the Registrar of Companies within 60 days from the end of the financial year, i.e., by 30th May every year.

Form 8 is the Statement of Accounts that every LLP must file annually. It is to be prepared and filed by at least two Designated Partners with the Registrar on or before 30th October every year.

The due date for filing the Income Tax Return (ITR-5) for LLPs is 31st July if their accounts do not require auditing, or 30th September if their accounts are subject to a tax audit under the law.

If there is a delay in filing Form 8 and Form 11, a penalty of Rs. 100 per day per form is payable from the due date until the actual date of filing. For late filing of the Income Tax Return, penalties range from Rs. 5,000 to Rs. 10,000, depending on the extent of the delay.

No, audit is not mandatory for all LLPs. Tax audit under Section 44AB of the Income Tax Act is required only for LLPs with a turnover exceeding Rs. 1 crore for business or Rs. 50 lakh for profession. Additionally, LLPs with an annual turnover exceeding Rs. 40 lakhs or contribution exceeding Rs. 25 lakhs must get their accounts audited under the LLP Act.

LLPs with a turnover of more than Rs. 5 crore in a financial year or a contribution of more than Rs. 50 lakh must have their annual return (Form 11) certified by a practicing Company Secretary.

IndiaFilings offers an online platform for filing LLP Form 8, Form 11, and Income Tax Return, along with accounting and financial statement preparation services at a cost of Rs. 7,899. This makes it convenient for LLPs to meet their compliance requirements.

If you need assistance with LLP compliance services from IndiaFilings, you can get in touch with an IndiaFilings advisor at sales@indiafilings.com or visit their website to learn more about their LLP annual filing services.