Annual Return Filing with ROC
All the Limited Liability Partnerships (LLPs) have to file Annual Return in Form 11 and Statement of Accounts and Solvency with the Registrar of Companies every financial year.
Similar to a Private Limited Company an LLP also has to file certain documents and returns with ROC but the compliances of an LLP as compared to a Private Limited Company are relatively lower.
Filing LLP Annual Return
Basically the Annual Return which needs to be filed using Form 11 is a summary of the partners of LLP containing any changes and modifications among them. The Annual Return has to be filed for every financial year within a period of 60 days from the end of the financial year, hence the due date for filing Form 11 comes to be May 30 every year.
Filing Statement of Accounts and Solvency in Form 8
All LLPs are required to maintain there books of accounts as per double entry book keeping system. Accordingly every LLP is required to make a statement of accounts and solvency for every financial year and file it with the Registrar of Companies in LLP Form 8, due date for filing Form 8 is 30th October every year.
The Limited Liability Partnerships (LLPs) having annual turnover exceeding Rs. 40 Lakhs or having contribution more than 25 Lakhs are required to get their annual accounts audited by a Qualified Chartered Accountant.
Income Tax Return of LLP
Every registered LLP is also required to file its Income Tax Return for every financial year in the Form ITR-5, the due date for filing Income Tax Return for an LLP is the same of a normal partnership or individuals not liable to tax audit.
It is to be noted here that in case the annual turnover of the LLP exceeds Rs. 1 Cr in a particular financial year, Tax Audit will also become applicable to the LLP and the date for filing the Income Tax Return and Tax Audit Report will be 30th September as applicable in any other case.
Relaxations in LLP Annual Compliances amid COVID-19 Pandemic
- For any compliance due date for which falls between April 1, 2020 to September, 30, 2020 there will be no additional fee levied as the Ministry of Corporate Affairs has given some relaxations amid COVID-19 Pandemic in the Country.
- The Income Tax Department has also extended the deadline for Filing Income Tax Return for the Financial Year 2019-20, from 31st July, 2020 to 30th November, 2020 and from 30th September, 2020 to 31st October, 2020 respectively.
Note: The due dates and threshold limits are subject to modifications from time to time.