LLP Annual Return the last date is 30^th May 2019

What is LLP Annual Return?

LLP or Limited Liability Partnership is a legal entity incorporated under the Limited Liability Partnership Act, 2008. Every LLP are required to file the Annual Returns as well as Statement of Accounts of the close of each Financial Year.

The LLP’s of the Year 2019 has three major compliance, they are;  

i) Annual Return – Form 11
ii) Statement of Accounts and Solvency – Form 8
iii) Income Tax Returns Filings.

Note:- Annual return is a mandatory filing to be made by all LLPs in India. The Annual return along with the required documents must be filed with the Ministry of Corporate Affairs. Form 11 contains details of the number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners, the total number of partners.

The Statement of Accounts and Solvency (Form 8) is a mandatory filing that is required for all LLPs in India. The Statement of Accounts and Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to the statement of assets and liabilities and statement of income and expenditure of the LLP.

We at eStartIndia provide meticulous assistance to the clients incorrectly filing the LLP as per the rules of the Government of India.

Who requires filing LLP Annual return?

In India the Limited Liability Partnership or LLP should file its Annual Return (Form 11) within 60 days from the end of the close of the financial year and Statement of Account and Solvency (Form 8) within 30 days from the end of six months of the close of the financial year. The LLPs are obligatory to maintain their fiscal year, as on 1^st April to 31^st March. Subsequently, LLP annual return is due on 30^th May and the Statement of Account and Solvency is due on 30^th October of each financial year. Also, the LLPs must compulsorily file an income tax return each year. The income tax returns must be filed before 31^st July of each financial year.

We at eStartIndia will assist our clients regarding all the necessary documents required and the procedure for filing the LLP.

Penalty for nonfiling LLP Annual return

1. Delay in filing any of the returns (Form 11 or Form 8) will attract additional Fee of Rs.100.00 per day till the date of filing the return.

2. Fine for non-Fling of Accounts (Form 8)

As per Sec.34 (5) of the LLP Act, 2008, if the LLP fails to file the Annual Return in time, it is punishable with fine which shall not be less than Rs.25, 000 but which may extend to Rs.5, 00,000 and every Designated Partner of such LLP shall be punishable with fine which shall not be less than Rs.10, 000, but which may extend to Rs.1, 00,000

3. Fine for non-Fling of Annual Return (Form 11)

As per Sec.35 (3) of the LLP Act, 2008, if the LLP fails to file the Annual Return in time, the Designated Partner of such LLP shall be punishable with fine which shall not be less than Rs.10, 000 but which may extend to Rs.1, 00,000 in addition to the additional Fee of Rs.100 per day till the date of filing.

4. Consequences of Non-Filing of IT Return 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.

eStartIndia operating in India provide professional tech-based online and legal services to our customer at an affordable cost. eStartIndia helps the clients to simplify the procedures in order to start a business, file tax returns online or any business related services. We are dedicated to providing quality service to clients in solving legal compliance related to running their business in India.

Author:

eStartIndia Team