A Limited Liability Partnership (LLP) is a separate legal entity just like Companies governed by the provisions of Limited Liability Partnership Act, 2008 which specifies the duty of the partners so elected for maintaining the proper book of accounts and filing the same in form of an annual return with the Ministry of Corporate Affairs (MCA) on annual basis. The LLP is not required to get the statutory audit done of its books of account except if the annual turnover exceeds Rs.40 lakhs or where the contribution exceeds Rs.25 lakh. Hence, it is not mandatory for the LLP not falling in the mentioned limit to get their books of account audited. Hence, making the process of annual filing more simpler.
In case Limited Liability Partnership two returns are mainly required to file i.e. the Statement of Account & Solvency within a time period of thirty (30) days from the end of the six (6) months of the financial year and an Annual Return within a period of sixty (60) days from the end of the financial year. The LLP's are compulsorily required to maintain the Financial Year i.e. from 1st April to 31st March. Henceforth, the Statement of Account & Solvency shall be filled on or before 30th October of every financial year and the annual return for LLPs becomes due on 30th May every year even irrespective of the fact that the LLP has not completed its business in that particular financial year. Some of the forms for annual compliances are required to be mandatorily filed even if the LLP has begun any business or not.
Advantages of ROC LLP Annual Filing
Process of Annual Filing
1. Complete the Application Form
You are requested to first fill the simple questionnaire provided by our expert team.
2. Document Processing
At the second step we will be requiring the documents as stated above in accordance with the questionnaire filled by you so that we can arrange them as per the requirement and for further processing and will also decide the due date of filing the same.
3. Drafting of necessary documents
The third step is to draft necessary documents which will be requiring the signatures of the Designated Partners and will be attached as an attachment to the annual compliance forms.
4. Preparation of E-forms
At this step we will prepare the E-forms along with some documents signed by you for submission depending upon your case which shall be further verified by our experts team before submission.
5. Filing of E-forms with ROC
This is the fifth step we will upload your LLP's annual documents on the portal of the Ministry of Corporate Affairs on your behalf.
6. Getting the Compliance done
The status of the form along with the challan generated online will be shared with you on the earliest basis specifying that the compliance has been made.
Legal Window has a team of expert professionals like Chartered Accountants, Company Secretaries, Lawyers who take care of all your LLP’s annual compliance requirements. We constantly monitor the compliance calendar chart and send reminders to the company through calls and mails and also offer the best-in-class legal and tax consultation for your LLP.
More Insights on LLP Annual Filing
Filing Income Tax Returns of the Limited Liability Partnership
Every LLP is required to file the Income Tax Returns for a year. In layman's terms, a LLP is a separate legal entity, an LLP is also required to file an Income tax return in which the LLP Income is calculated and the tax liability is assessed and the taxes are paid to the government of India.
Mostly the last date of Income Tax Return is 31st July of the particular year for the Individual and legal entities, but where the Audit is required, the last date for is 30th September for a year for filing Income Tax returns.
The NIL Income Tax Return is to be filed with the Income Tax Authorities even though the Limited Liability Partnership has not done any business.
Filing of Returns with ROC of the Limited Liability Partnership
Every LLP registered with the Ministry of Corporate Affairs (MCA) is required to comply with the regulations as per the LLP Act, 2008. As per the act, LLP is required to file the annual returns and statement of accounts every year. In case the annual turnover exceeds Rs.40 lakhs or where the contribution exceeds Rs.25 lakh the LLP is mandatorily required to get the accounts audited by Chartered Accountant. Further if any LLP is incorporated on or after 1st of October of the financial year, then it can file the returns in the next financial year i.e. it can file statements of 18 months.
Form 8 (Statement of Accounts and Solvency)
LLPs are required to file Form – 8 with ROC within 30 days from the end of the six (6) months of the financial year i.e by 30th October of the next financial year. In this form the LLP has to report the assets, liabilities, profit & loss generated during the year. The form has to be signed by the designated partners and practicing professionals.
Form 11 (Statement of Annual Return)
LLPs are required to file Form – 11 with ROC by 30th May of the next financial year. In this form summary of management affairs, details of partners and their contribution is provided. The form has to be signed by the designated partners and practicing professionals.
Penalty for Non-Filing of Annual Accounts with ROC
In case the companies are unable to file Form 8 and Form 11 before the due date, they will be liable for an additional fee of Rs.100.00 per day till the date of filing.
Annual Filing of LLP for FY 20-21
Companies incorporated on or before 30th September 2020 are required to file their financials for Financial Year 20-21 before the due dates. Companies incorporated on or after 1st October 2020 to 31st March 2021 can file their ROC Annual Filings next year by preparing the statement of 18 months.
Due Date of LLP ROC Filing for FY 20-21
|Name of Form||Contents||Timeline||Last Date|
|Form 8||Statement of Accounts and Solvency||30th May||30th May|
|Form 11||Annual Return||30th October||30th October|
FAQs on ROC LLP Annual Filing
Yes, it is mandatory for all Limited Liability Partnership's registered under Limited Liability Partnership's Act, 2008 irrespective of the turnover, capital, transactions done etc. The Annual filing is done to report the activities carried during the Financial Year.
A Limited Liability Partnership is only mandatorily required to get the accounts audited if the annual turnover exceeds Rs.40 lakhs or where the contribution exceeds Rs.25 lakh.
When the turnover exceeds five crore rupees in a financial year or the contribution exceeds fifty lakh rupees the annual return is to be certified by a Practising Company Secretary.
If the LLP doesn’t comply with the provisions and fails to file the returns it may also be declared as removed from the registers of ROC which also affects the status of the concerned partners thereby disqualifying from their further appointment in any Company/LLP. The additional fee of Rs.100 for each day of delay shall be levied till the date of filing.
The LLP Act also contains the provisions for compounding of the offences which are punishable with fine only.
Also, for the defaults/non-compliance on the procedural matters like time limits for the filing requirements certain provisions have been made for charging default fees (on daily basis) in a non-discretionary manner.
The Due dates of LLP compliances depends on the closure of each of the Financial Year. The Financial Year of every Limited Liability Partnership should be closed on the 31st of March. However, the period of Financial Year depends on the month of its incorporation:
- The registered LLPs between the 1st April and 30th September: The financial year of LLP must be closed on 31st March of next calendar year. So if the LLP is registered on the 1st of May, 2020 , then the same must close its Financial Year on 31st March, 2021.
- The registered LLPs between the 1st of October and 31st March, An option is available to the Limited Liability Partnership to choose the end of its financial year. For example if the LLP is registered on the 30th October, 2019 the same can close its financial year either on the 31st March, 2020 or 31st March, 2021.