Annual tax filing for LLP in India
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LLP Stakeholders
- Your LLP – you
- MCA – for yearly compliance
- Income Tax Dept – for income tax
- State govt – professional tax
Recommendation
Don’t wait for the last date, when you have all the data, fill the form asasp and submit it. Near the last date, things happen very fast, your CA might be very busy and you have to pay penalty if your CA takes more time. There is a chance of website going down or be under heavy load which can delay your filings and may results in penalty.
Dates
| Forms to be filed | Last date for filing |
| Annual Return (Form 11) | 30-05-2017 |
| Accounts (Form 8) | 30-10-2017 |
| INCOME TAX RETURN | Last date for filing |
| In case Audit is not required | 31-07-2017 |
|
In Case Audit is required |
30-09-2017 |
| MCA DIY forms directors | 31-07-2018 |
Statutory Compliance after Incorporation of the LLP
After
A. Maintain financial and file accounts
a) To maintain proper books of accounts relating to its affairs for each year on cash or accrual basis and according to the double entry system of accounting and shall maintain the same at the registered office of the company.
b) The accounts of LLP shall be audited by an auditor.
B. Returns and records required by LLP
| Books of Account | LLP should maintain proper books of account. |
| Minute Book | Minute book should be maintained to record minutes of meetings of partners and managing/executive committee of partners. |
| Change in partners | Any change in partner and designated partner (admission, resignation, cessation, death, expulsion) should be filed electronically in e-form 4 within 30 days of change with fees. |
| Supplementary LLP agreement | Such admission and cessation will alter mutual rights and duties of partner shall change. Hence, supplementary LLP agreement will be required which is also required to be filed in e-form 3 within 30 days of change with fees |
| Statement of Account and solvency | Statement of Account and Solvency (SAS) is to be filed annually in e-form 8 with required fees. It is to be filed within 30 days from expiry of 6 months from end of each financial year i.e. by 30th October. |
| Annual Return | Annual Return should be filed with ROC in e-form 11 with filing fees, within 60 days from close of financial year i.e. by 30th May. |
| Heavy penalty | Heavy penalty of Rs 100 per day for late filing of returns. |
| Inspection of documents | Incorporation document (form 2), Annual Return (form 11), Statement of Account and Solvency (SAS) (form 8 ) and Name of partners and changes, if any, made therein (form 4) are available for public inspection on payment of fees but LLP agreement is not available for public inspection]. |
C. Compliance of Meetings of LLP as per LLP agreement
| Sr. No. | Nature of Meeting | Number of meetings | Period |
| 1 | First General Meeting | N.A. | Within 30 days of incorporation |
| 2 | General Meeting | 1 | In 1 Financial Year |
| 3 | Executive Committee | 2 | In 1 Financial Year |
MCA – Form 8 and 11
What is Form 8 ?
It is the declaration given by all Designated Partners of LLP that whether they are able
Contents of Form 8
Part A – Statement of Solvency
Part B – Statement of Accounts, Statement of Income and Expenditure
Attachments – Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.
Form 8 is to be by signed digitally by two Designated partners and certified by Chartered Accountant(in Whole-time practice)/ Company Secretary (in
According to Section 34 of Limited Liability Act, 2008 read with LLP rules, every LLP shall file Statement of Accounts and solvency under e-form 8 with prescribed fee within a period of thirty days from the end of six months of the financial year to which such statement relates.
What is Form 11 ?
Form 11 is Annual Return containing number of partners, total contribution received by all partners, details of partners, details of body corporate as partners, summary of partners.
Every LLP shall file Annual Return within sixty days from the closure of the financial year along with prescribed fees.
Due date of filing Form 11 is 30th May for each year.
Note If LLP fails to file Form-11 within
Income Tax Dept – income tax returns
ITR 5 , you can use cleartax online platform to file your taxes easily.
GST
You need GST if turn over is above 20 lakh per annum (as of date 17/Feb/2019). Apply on
Professional Tax (PT)
You need to pay PT tax to the state govt. if you pay salary to employees. Just check the rules. you need to request a professional tax enrollment certificate from your tax commissioner.