After Closing of Financial year 2021-22, Every LLP Need to file ROC Return and Income Tax Return. Filing of Form 11, form 8 and ITR is mandatory in Nature. Non- filing may attract heavy penalties. To Start the process chat with our Compliance Manager.
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For a startup starting their venture as LLP, the legal compliance and reporting requirement does not end at the incorporation of your LLP; instead, it begins from there. After closing of Financial year every LLP need to file ITR and Director KYC, Form 11 & 8 to the ROC. We shall assist you with the regular compliance that a newly incorporated LLP has to do.
Every LLP Registered in Indian need to LLP Annual return. LLP Form 11 annual return is online filing. 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.
Penalty on Non-Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 100 per day.
Form 8 is a statement of accounts. Every LLP is required to prepare and close its accounts until the 31st March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year i.e. 30th October every year.
Penalty on Non-Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 100 per day.
The DIN KYC filing by each partner allotted the DIN Number on or before 31st March 2022 is mandatory. KYC filing is web-based if it is the subsequent filing. However, in the first time DIN KYC Filing, an eform DIR-3 KYC is submitted with updated contact details and address proof of director. The last date for filing the DIN KYC is 31st July 2022
Penalty on Non-Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 5000 Per Director.
Every LLP has to file Income Tax Returns every year. The last date of filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September.
Penalty on Non-Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 10,000/-.
| Type of Audit | Particulars |
|---|---|
| Statutory Audit |
|
| Tax Audit | The tax audit of the LLP is an audit under section 44AB of the Income Tax Act, 1961, which applies to every kind of taxpayer. The tax audit is required when the turnover reaches Rs. 1 Crore or more. |
| GST Audit | The new law of The goods and services tax act imposes a universal audit on all persons registered under the GST act in case the turnover of the taxpayer is equal to or more than one crores. This audit is a detailed reconciliation report prepared and certified by a practising chartered accountant concerning the GST Act. |
The applicability for filing of ITR and the ROC Annual Forms for an LLP is determined by its incorporation date. During the financial year 2021-22, the annual filing is applicable for the LLP that came into existence on or before 31st March 2022. The following table shall help you to understand the applicability. The due dates are subject to change whenever the ROC extends the filing date.
| Compliance Name | Due Date | Incorporated on or Before 30th September 2021 | Incorporated Between 1st Oct 2021 to 31st march 2022 |
|---|---|---|---|
| Director KYC | 30th June 2022 | Applicable | Applicable |
| ITR of Partners | 31st July 2022 | Applicable | Applicable |
| ITR of LLP | 31st July 2022 | Applicable | Applicable |
| Form 11 | 30th May 2022 | Applicable | Not Applicable |
| Form 8 | 30th October 2022 | Applicable | Not Applicable |
Yes, Every LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually
The non-filing of Form – 11 and Form – 8 is a serious non-compliance of the LLP Act, 2008. These returns can be filed late with an additional fee of Rs. 100 for each day of delay.
The Form-11 needs to be certified by at least two Designated Partner, however in case, turnover of LLP exceeds five crores or the contribution of LLP is more than 50 lakh then the annual return of such LLP needs to certified by a practicing company secretary.
Any contravention of the timeline in filing/ non-filing as such is a punishable offense with a penalty on the LLP which shall not be less than Rs. 25,000/-, however it may extend to Rs. 5 lakh and each Designated Partner of the LLP is further punishable with a fine which shall not be less than Rs. 10,000 but may extend to Rs. 1 lakh.
