In India, if you have registered your business, it is important to follow necessary compliance for your business structure. If we talk about A Limited Liability Partnership, that is a business structure with a minimum number of 2 members and having no limitation on the maximum number of members, the compliances of an LLP is way lesser than that of a Private Limited Company. Nonetheless, it is important to keep a track of all the significant Statutory due dates for LLP Annual Filing that includes ROC Filing for LLP, Income Tax Filing for LLP and GST filing for LLP. It is very crucial for an LLP to be well prepared for all the ROC as well as other Compliances to be met in a particular Financial Year. Here, we have prepared a calendar for all the Important Statutory Due Dates for LLP Annual Filing for FY 2021-22 (AY- 2022-23).
What is LLP Annual Filing?
It is important for every LLP (Limited Liability Partnership) to prepare and submit its Annual ROC Forms with the Registrar of Companies. Every Year, an LLP is required to file two ROC Forms namely:
- Form LLP 11: Form LLP 11 is an Annual Return of an LLP that needs to be filed within the period of 60 days from the end of a Financial Year.
- Form LLP 8: LLP Form 8 is a Statement of Account & Solvency within the 30 days counting from the end of six months of the closing of a financial year.
- For every Limited Liability Partnership, it is essential to comply with the statutory requirements such as Annual Return, Income Tax Return, Profit and Loss Account, Balance Sheet, every year, even if it does not do any business.
- Just like Companies, Limited Liability Partnerships (LLPs) are required to maintain their financial year, as 1st April to 31st March.
LLP Form 11 due date for FY 2021-22 (LLP Annual Return Filing) – 30.05.2022
- The Limited Liability Partnerships i.e. LLPs registered in India have to file an Annual Return with the Registrar of Companies every year.
- This Annual Return of an LLP needs to be filed in LLP Form 11 within the 60 days from the closure of the financial year.
- That means the Due Date for LLP Annual Return Filing in LLP Form 11 for the FY 2021-22 shall be 30th May 2021.
- Even if the LLP does not have any business, it is important for every LLP to submit its Annual Returns and Financial Statements with the MCA (Ministry of Corporate Affairs).
- LLP Form 11 i.e. LLP Annual Return is nothing but a summary of all the changes made in the Management (Designated Partners) of an LLP during a financial year, if any.
- It is a must requirement of the Limited Liability Partnership Act hence, even if there are no changes or no business done by an LLP, a NIL return must be filed.
LLP form 8 Due date for FY 2021-22- 30.10.2022
- Apart from filing LLP Form 11, an LLP is required to file one more form every year with ROC i.e. LLP Form 8.
- LLP Form 8 is an Annual Filing Form which is a Statement of Account and solvency.
- The Due Date for filing the Statement of Account and Solvency falls within the 30 days from the end of six months of the closure of the financial year.
- That means the Due Date for filing LLP Form 8 with ROC for the FY 2021-22 shall be 30th October, 2022.
- LLP Form 8 is a declaration by the designated partners on the state of solvency of the LLP.
- LLP Form 8 also includes the information about the Statement of Assets and Liabilities and Statement of Income and Expenditure of the LLP.
Due date for IT Returns for LLP for FY 2021-22
- Income Tax Return Filing is a Compliance that not only LLPs but also any individual or business has to be complied with.
- That is to say that all the LLPs are required to file Income Tax Returns on or before the due date.
- For the Financial Year 2021-22, the last date for filing Income Tax Returns for LLPs which does not require Tax Audit is 31st July 2022 and if Tax Audit is required then due date for IT Returns for LLP is 30th September 2022.
- Even if the LLP has not done any business for the current financial year, they are required to file a Nil Income Tax Returns with the Income Tax authorities.
Late fees for form LLP 8 and LLP 11 filing
- If an LLP does not file its annual filing forms within the prescribed time, then there would be penalty of Rs. 100 per day per form is payable from the due date of filing return till the date actual return is filed.
It is the responsibility of the Designated Partners of an LLP to maintain proper Books of Accounts and file an Annual Return with the MCA each financial year. Hence it is advisable that you file your form LLP 8 and LLP Form 11 before the due dates.