All LLPs shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs.

Even if LLP does not do any business, it has to comply with statutory requirement such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return every year. The statutory fees will depend upon the capital contribution of LLP.

Financial Year of LLP:

Every LLP has to maintain uniform Financial ending on 31^st March of the year. However, in case of LLP is incorporated after the 30^th day of September of a year, the financial year may end on 31^st March of the year next following that year.

For Example, LLP incorporated after 30/09/2019 shall have its first Financial Year from the date of Incorporation till 31/03/2021.

LLP Annual Filing Compliance Calendar

Annual e-Forms to be filed by LLP with ROC

1. Form 11 – Annual Return

Every LLP would be required to file annual return in Form 11 with ROC within 60 days of closer of financial year. i.e. before 30^th May of Assessment Year.

LLP Form 11 contains the details of all the Designated Partners, their contributions and changes therein during the financial year.

MCA has extended the timelines specified in Circular no. 06/2021 dated 03rd May, 2021 for filing of certain forms under the Companies Act, 2013 and LLP Act, 2008 without levy of additional fees.

Accordingly, For LLP-11 for FY 2020-21, which was due for filing till 31st May 2021, shall be submitted till 31st August, 2021 without payment of additional fees.

2. Form 8 – Statement of Account & Solvency

A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. sub-section (3) of section 34. All the LLPs are required to file Form LLP-8 with ROC before 30^th October of Assessment Year.

The financial Statements having Profit and Loss Account, Balance Sheet, its schedules and Audit Report if applicable shall be submitted through Form 8 with ROC.

3. DIR-3 KYC

Every Director who has been allotted DIN as on or before 31st march of a financial year  is required to submits e-form DIR-3KYC with central government every year on or before 30^th September of the Assessment Year.

AUDITS AND FILLING

1. Applicability of Statutory Audit

• Statutory Audit of LLP is not mandatory. However, audit of LLP is mandatory if fulfill any of following conditions:
• Its turnover exceed Rs. 40 Lacs; or
• Its contribution exceeds Rs. 25 Lacs.

2. Applicability Of Tax Audit On LLP:

As per Section 44AB of Income Tax Act -1961

• If LLP Carrying on Business – Total Sales / Turnover Exceed Rs. 1 Crore
• If LLP is carrying on profession – Gross Receipts exceeds Rs. 50 Lakhs.

3. Income Tax Return Due Dates

Every LLP have to file the Income Tax return with the Income Tax Authorities. Filing of returns is mandatory whether the LLP has started any business or not. Date of Filling of Tax Audit is as given below:

Due date of Filling of Income Tax Return – Section 44AB

• Tax Audit Applicable – 30the September of Assessment Year
• Tax Audit not applicable – 31^st July of Assessment Year

4. Alternative Minimum Tax (AMT) Audit

Initially the concept of minimum tax was introduced for companies and progressively made applicable to non-corporate taxpayers. Finance Act, 2011 introduced AMT on Limited Liability Partnership (LLP) and Finance Act 2012 amended the provisions as it stands today.

In case of applicability of AMT provisions to LLP, it is mandatory for the LLPs to obtain a report in Form 29C (to be issued by a Practicing CA) certifying that AMT and adjustable total income has been computed in accordance with the provisions of IT Act. We at Estabizz also provide the EMT Audit and certification for LLPs.

OTHER COMPLIANCE APPLICABLE ON LLP:

Accounting

All the LLP shall have Proper Accounting as it is vital in order to comply with other compliance such as statutory audit, Annual filing and Income tax return filing. We at Estabizz Fintech will also provide accounting services. On request of the clients, We at estabizz prepare the balance sheet and profit and loss account for the year and do comply with requisite ROC and Income Tax fillings.

About US

Estabizz Fintech is a technology-driven platform which provides professional services in India. We are here to provide various

types of services such as incorporation of different type of entities, government registrations, legal documentation and annual compliances. Estabizz Fintech is Cloud Based CA / CS / Lawyers / CMA / CFA and Legal Technology Company that assists entrepreneurs and start-ups in registering and managing their businesses We have tailor-made solutions as per the best interests of your business. We use effective technology such as Artificial Intelligence and Data-Driven Software. We are coming up with 24 x 7 Customer Service. We use effective technology such as Artificial Intelligence and Data-Driven Software.

FAQs

What is LLP Annual Filing?

Limited liability partnership is a partnership with limited liability. Every LLP which is registered with the Ministry of Corporate Affairs carrying on business or not have to file the Annual Returns and Statement of Accounts every year and that is annual filing for LLP.

What are the mandatory compliances of LLP?

Following are the compliances which are mandatory for every LLP to comply for any financial year.

1. a) Annual Return for LLP (Form 11)
2. b) Financial Statements of the LLP (Form 8)
3. c) KYC of Designated partners / partners having DIN (DIR-3 KYC)
4. d) Income Tax Returns Filings.
5. e) Statutory and Tax Audit whichever is applicable.

What if I have not undertaken any business during the year? Do I still need to file returns?

Yes, every LLP must mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.

Is it mandatory to file return of income?

Yes, it is mandatory for every Limited Liability Partnership (‘LLP’) to file the return of income irrespective of amount of income or loss in form ITR 5.

What is Cost of Non-Compliance for not filling Form 11, Form 8 and Form DIR-3 KYC with ROC?

For Form 11 and Form 8 – After Due Date, Per Day Penalty of Rs. 100/- will be levied until submission of the forms with ROC.

For Form DIR-3 KYC  – Non Submission of the this form will lead to deactivation of DIN and then after the DIN can be activated only after payment of penalty of Rs. 5000/-

What are the documents required for filling Annual Forms with ROC?

1. PAN Card & Certificate of Incorporation
2. LLP Agreement
3. Financial Statements of LLP
4. Digital Signature Certificate
5. KYC, Mobile Number and Email ID of Designated Partners

Which Cities do you provide your services?

Estabizz Fintech provides LLP Annual Filing across India. You can obtain LLP Annual Filing in Surat, Ahmedabad, Mumbai, Pune, Bangalore, Bhavnagar, Vadodara, Chennai, Delhi, Kolkata, Kanpur, Lucknow,  Nagpur, Jaipur  or any other cities easily with us.

For More Details

Feel Free  to call us

Deepak Kumar

08069192000 , 09825600907