LLP Annual Filing

There are 3 compliances which every LLP has to mandatorily comply with –

Annual return

Financial statements of LLP

Income tax return filings

As a registered LLP user, you have to mandatorily file financial statements & annual return even if you are not doing any business. Even a nil return should be filed as it is a compulsory requirement.

Remembering due date is very necessary as missing of any deadline will lead to fines, penalties etc. Due date for filing statement of accounts & annual returns for LLP are given below –

1. Filing of statement of accounts – Every LLP must prepare and close its books of accounts before 31st march every year. To file statement of accounts, form 8 needs to be properly filed by at least two designated partners with the registrar within 30 days after completion of 6 months of the financial year. The last date for filing statement of accounts is 30th October every year. Submitting the form after the deadline will lead to fines, penalties etc.
2. Filing of Annual return – Form 11 is used to file annual returns. It is a summary of all the designated partners involved in management of LLP. If there are some changes in the management of LLP, it should be indicated in form 11.

To file annual returns, form 11 needs to be properly filed to the registrar within 60 days from the end of financial year. The last date of filing annual return is 30th may every year. Submitting the form after deadline will lead to fines, penalties etc.

Statement of Accounts

Disclosure under MSME development act (if applicable)

Every LLP whose annual turnover is more than Rs.40 lakhs or whole contribution is more than Rs.25 Lakhs should get their accounts audited unless they have to face fines, penalties etc.

If there is a delay in filing LLP returns, a penalty of Rs.100 will be charged per day from the last day of filing to the payment processing date. You cannot close or wind up your LLP without filing annual returns.