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LLP Annual Compliance - ROC and ITR Filing
An LLP has to prepare and file the following three returns for the past previous year within its prescribed due dates, under LLP annual compliance. These are mandatory in nature, team FirstFiling shall be assisting you in preparing and filing necessary returns in a timely manner
- Form 11: File before 31st July 2021
- Income Tax Return: File before 31st July 2021
- Form 8: File before 30th October 2021
Please note that Form 11 and Form 8 are mandatory only in case the LLP has been incorporated on or before 30th September 2018. However, the Income Tax return is mandatory for all LLPs. We have the most competitive packages for startup LLP having low turnover and we guarantee the lowest price in India and willing to match the best quote. For filing of Form 8 and Income tax return, we would rely on the books of account of the LLP. In case you are facing challenges with LLP annual compliance, we can help, please contact us.
Points to Note about LLP Annual Compliance
Procedure for Annual Compliance of LLP
Documents Required for LLP Annual Compliance
- LLP Agreement: The LLP Agreement along with any supplementary agreement, if any.
- Bank Statement: Bank Statement of LLP from April 2020 to March 2021.
- PAN Card and COI: PAN Card and Certificate of Incorporation of the LLP.
- Digital Signature: DSC of all Designated Partners is required.
Frequently Asked Questions
The meaning of the financial year for income tax and the ROC filing is different. For the ROC filing, the financial year is a period starting from the date of incorporation and ending with the next 31st March. However, in case the LLP is incorporated after the 30th of September then the financial year ends on next to next 31st March. For Example.
For LLP incorporated before 30th September, during the calendar year 2020, the first financial year shall end on 31st March 2021, and thus would be required to file Form 11, Form 8, and Income Tax Return before their respective due dates.
For LLP incorporated after 30th September, during the calendar year, the financial year shall be an extended period beyond 12 months, and it shall end on 31st March 2022. Thus during the year 2020, there is no ROC Return that shall be filed. However, in all cases, the Income Tax Return shall be filed before 31st July 2020.
The financial year for the purpose of ITR of the LLP is a period starting from 1st of April to next 31st March. Even if the LLP is incorporated on 31st March 2021, the financial year shall be 2020-21 and the LLP incorporated between 1st April 2020 to 31st March 2021 shall be required to file its ITR before 30th September 2021.
The LLP is required to file two return with the Registrar of Companies through the e-filing portal of MCA. To submit the returns digital signature of the designated partner is needed. Please refer below table for the due dates
|Form Name||Due Date||Normal Govt Fee||Additional Fee for Late Filing|
|Form – 11||31 July 2021||Rs. 50||Rs. 100 for each day of delay|
|Form – 8||30 Oct 2021||Rs. 50||Rs. 100 for each day of delay|
The non-filing of Form – 11 and Form – 8 is a serious non-compliance of LLP annual compliances under the LLP Act, 2008. These returns can be filed late with an additional fee of Rs. 100 for each day of delay
For example, if the return filing of LLP is delayed by three months, then the extra charge would be Rs. 9,000 for each form. There are two forms, ie. Form 11 and 8, thus the total additional fee shall be Rs. 18,000/- which keeps on increasing with Rs. 200 for every day of delay.
The due date for filing the ITR of LLP is 30th September 2021, for the Financial Year 2020-21. However, in tax audit cases the return may be filed up to 30th September. In case you are not able to file ITR of LLP within its due date then it can still be filed up to 31st March 2022. However, the following are the adverse consequences of the belated return of Income Tax of the LLP.
- The Income Tax Department shall send notice and impose a penalty for late filing of ITR.
- The accumulated losses or unabsorbed depreciation cannot be carried forward to the next financial year
- The belated returns cannot be revised
- Late filing of ITR adversely affects the rating of LLP
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.