Financial year of an LLP

Financial Year of an LLP, means the period from 1st April of a year to the 31st March of the following year. However, in case of LLP incorporated after 30th September, financial year of an LLP may end on 31st March of the year next following that year. [Section 2(1)(l)] As per the recent notice circulated by the MCA on Financial year of an LLP, all LLPs registered up to 30-September-2011 have to mandatorily close their financial year as on 31-03-2012 and file Form-8 by 30th October-2012. LLPs registered from 01-10-2011 to 31-03-2012 have option either to close financial year as on 31-03-2012 or 31-03-2013 and to file both Form-8 & 11 accordingly. Taking into consideration these factors, LLPs that are incorporated on or after September 30th 2011 are advised to close their financial year by March 31st, 2013 and file Form 11 i.e., Annual Return of Limited Liability Partnership (LLP) by May 31st, 2013 or any date as extended by the MCA and Form 8 i.e., Statement of Account & Solvency by October 30th, 2013 or any other date as extended by the MCA in this regard.