LLP Annual Return Form 11 is mandatory ROC filing before the due date 30th May 2019
LLP or Limited Liability Partnership is a corporate unit created under the Limited Liability Partnership Act, 2008. At the present, every LLP that is already registered with the Ministry of Corporate Affairs required to file the Annual Returns as well as Statement of Accounts for the Fiscal Year 2019.
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The LLP Annual Return Form 11 of the Year 2019 has three major compliance, they are:-
i) Annual Return.
ii) Statement of the Accounts or you can say Financial Statements of the LLP.
iii) Income Tax Returns Filings.
In India, the Limited Liability Partnership or LLP should file its Annual Return within 60 days from the end of the closure of the financial year and Statement of Account and Solvency within 30 days from the end of six months of the closure of the financial year. The LLPs obligatorily have to maintain their fiscal year, as 1st April to 31st March. Subsequently, LLP annual return is due on 30th May and the Statement of Account and Solvency is due on 30th October of each fiscal year. Also, the LLPs must compulsorily file an income tax return each year.
Who files the LLP Annual Return Form 11?
Every LLPs who are registered under the Limited Liability Act, 2008 need to file annually two forms, they are 11 and Form 8. Also, the form 11 has must be filed by May 30th each year.
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Consequences for non-filing of an LLP Annual Return Form 11:
LLPs are liable to a stringent fine for late filing of MCA or Income Tax returns. If the LLPs fails to file Form 8 or Form 11, then this could lead towards a fine of Rs.100 every day perform. Subsequently, if an LLP fails to file Form 11, then it would lead towards a fine of Rs.100 every day and if an LLP fails to file Form 8, then it would lead towards a fine of Rs.200 every day.
Also, the LLPs are likewise being liable to fine under the Income Tax Act not filing returns timely. From the Assessment Year 2018-19 (1st April 2018), if the LLPs fail to file income tax return leads to a fine of Rs.5000 if the return due on 31st July if filed amid August and December of the same assessment year. If an income tax return due on 31st July is filed after 31st December of the same assessment year, at that point a mandatory fine of Rs.10,000 would be charged.
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