30th May 2016- have you filed Form 11 for your LLP yet

Once again we are closing in on 30th May, 2016. The due date for filing of annual returns  (Form 11) of the LLP. Failing which a penalty of Rs. 100 per day is levied on your LLP.  

Apart from Form 11, Limited Liability Partnerships (LLPs) registered with the Ministry of Corporate Affairs have to mandatorily file the following major compliance:

• Statement of the Accounts & Solvency (Form 8)
• Income Tax Returns (ITR 5)

Irrespective of fact that no business has been carried out in an year, LLPs have to mandatorily comply . Only through this compliance, the government will know whether are they doing the business or not.

Filing of Annual Return (Form 11)

 

Every LLP is required to file Form 11 with the Registrar within 60 days from the closure of financial year i.e. on or before 30th May of every year. It is a summary of LLP’s Partners to know about the change in constitution if any.  

Filing of Statement  of the Statement of the Accounts & Solvency (Form 8)

Every LLP is required for file Form 8 with the Registrar within 30 days from the end of the six months of the financial year . i.e. on or before 30th October every year. LLPs have to maintain the books in Double entry system and to prepare a Statement of Solvency (Accounts) for the year ending 31st March.

Filing Income Tax Return (ITR 5)

LLP has to compute the Income tax liability on the basis of current year transactions and pay the tax liability , on or before 31st July with the Income tax department. If the accounts are audited then the due date is September 30.

Audit requirementS

 

Under LLP Act, 2008:

LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs are required to get their accounts audited by a qualified CA.

Under Income Tax Act, 1961:

Audit of accounts is mandatory requirement under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.

DSC Requirements:

While uploading e-forms, Digital Signatures of any 2 Designated Partners are required for filings.

Penalties for defaulting :

Rs. 100 per day (unlimited/no upper limit) till the default is made good.

Therefore, due caution needs to be exercised and in time compliance is advised.And those who think that if you don’t file the returns, the LLP would turn dormant and you could close it/strike it off absolving yourself of the penalty and the compliance. Remember, to close your LLP too, you would require making good the compliance first.

Only 4 days left for filing of Form 11 for the LLPs! Have you filed it yet?

Contact us for any support at: Taxmantra.com or write to us at info@taxmantra.com.

 

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