Every LLP registered in India must submit the ROC Annual Return and file the Income Tax Return for the LLP. Filing of Form 11 (Annual Return of LLP) and Form 8 (LLP Financial Statement) with the ROC is mandatory. Setindiabiz provides cost-effective and timely LLP annual compliance filing services.
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(Form small LLP upto 10 Lakhs Turnover)
The LLP must file an online annual return in Form 11 with the ROC to report details of the LLP and its changes during the last year. Form 11 applies to every LLP incorporated on or after 30 September last year.
Expert ConsultationPreparation of Form 11Form 11 Filing with ROCComplete Online ProcessLast date: 30 May 2024The Income Tax Return filing is applicable to every LLP incorporated on or before the 31st March of the preceding financial year. The ITR is applicable even if the LLP has no business and is at a loss.
Mandatory LLP ITR FilingComputation of tax liabilityPreparation of ITRFiling of the LLP ITRLast date: 31 July 2024The signed financial statement of the LLP is filed to the ROC along with a declaration of solvency in Form 8. The LLP incorporated on or before 30th September last year has to file Form 8
Drafting of Solvency DeclarationPreparation of Form 8Filing of LLP Form 8Complete Online ProcessLast date: 30 October 2024
A Limited Liability Partnership (LLP) is a legal entity regulated under the LLP Act 2008. LLPs are, therefore, required to file annual returns to the Registrar of Companies (ROC) after the end of every financial year. The LLP must also file an Income Tax Return (ITR) for the LLP under the Income Tax Act on or before the due dates. Setindiabiz offers services to file the LLP Annual Returns at a reasonable charge and ensure accurate and timely filing. Our compliance advisors are readily available to assist you with your questions.
Preparation of Financial StatementAudit (Depends on Capital/Turnover)Form 11: Annual Return to the ROCForm 8: Financial Return to ROCIncome Tax Return (ITR)LLP ITR Due Date: The due date for filing the income tax return (ITR) for the LLP is fixed on or before 31 July after the end of the financial year. For example, the due date to file the LLP ITR for FY 2023-24 is 31 July 2024. The LLP and their designated partners are advised to file the ITR well before its due date to avoid glitches in the income tax department server load time.
| No. | Name of Return | Due Date for FY 2023-24 | FY 2023-24 Incorporated on or Before 30th September 2023 | 30th September 2023 Incorporated on or After 1st October 2023 |
|---|---|---|---|---|
| 1. | Form -11 | 30 May 2024 | Mandatory | Optional |
| 2. | Income Tax Return | 31 July 2024 | Mandatory | Mandatory |
| 3. | Form -8 | 30 October 2024 | Mandatory | Optional |
Note: In addition to the common compliances mentioned above, an LLP may also need to get its books audited under the LLP Act, Income Tax Act, or GST Laws. The audit requirement depends on factors like the LLP’s capital, annual turnover, and nature of business. We recommend reaching out to us for a free consultation!
The annual return filing for the LLP is mandatory for every LLP incorporated during the previous financial year. For instance, the LLP incorporated on or before 31 March 2024 is required to file its annual returns during FY 2024-25 within the prescribed due dates. Team setindiabiz is here to assist. The following are the steps required to file the annual return for the LLP.
The application for striking-off a Private Limited Company is incomplete without appropriate and up to date documents. These include certain documents that can be obtained from the concerned authority and certain others that need to be drafted. Anyway, we recommend that the applicant ensures the possession of all documents before beginning the process of application filing to avoid any hindrance in the later stages.
The LLP’s annual returns are filed with digital authentication using one digital signature of the designated partners. Therefore, it is strongly advisable to check the validity of the digital signature well before the due date to ensure timely filing. Click Renew the Digital Signature to place an online order. The digital signature is required for filing the LLP ITR and ROC Form 11 & 8.
Accounting & preparation of the LLP financial statement is a prerequisite to filing the LLP ITR or ROC annual returns. You may avail of our Virtual CFO Services for comprehensive accounting and tax filing for your LLP. The first step should be to obtain a bank statement and identify the transaction to record it in the accounting software. Our experienced team of accountants can help you do accounting and prepare the financial statement for your LLP.
Though the statutory audit of the financial statement of the LLP is not mandatory for a small LLP that has a capital up to Rs 25 Lakhs and where the turnover does not exceed Rs 40 Lakhs during the financial year, it is advisable to get the books audited to ensure the accuracy of the statutory reporting. For the LLP that requires a statutory audit, we can help find a suitable practising chartered accountant on behalf of the LLP to conduct the audit.
The annual return of the LLP is then filed in Form -11 to the Registrar of Companies, wherein the details of all the changes that have taken place during the previous financial year are reported or filed online on the MCA portal with the digital signature of the designated partners. The last date to file form 11 is 30th May 2024 for the FY 2023-24
The details of the taxable income and the income tax paid by the LLP are filed with the income tax department in the form of an income tax return (ITR) for the previous financial year. The LLP ITR is filed online at the Income Tax Portal in the prescribed form ITR-5 on or before its due date of 31st July. For FY 2023-24, a Limited Liability Partnership firm must file its ITR before 31st July 2024 without waiting for the last date of its filing.
The LLP is required to file the Statement of Accounts & Solvency in the prescribed Form 8 on or before the 30th of October following the financial year.
Under the LLP Act, 2008, every LLP incorporated in India is required to file an annual return with the ROC in the online form 11 with digital authentication. The process of filing Form 11 is completely Online. Form 11 needs to be filed within 60 days of the closure of the financial year, i.e., by 30th May of each year for the preceding financial year. This annual filing obligation is mandatory for all LLPs, regardless of business transactions, turnover, or activities. However, for newly incorporated LLPs which was in existence for less than 180 days in the preceding financial year, For example, for the LLPs incorporated between 1st October 2023 and 31st March 2024, the filing of Form 11 would be optional.
The purpose of filing the LLP Form -11 to the ROC is to report any significant changes that have taken place in the LLP during the preceding financial year. The important changes that need to be reported in Form 11 are the details of partners, capital contribution, notices received, or any penalty paid by the LLP. The prescribed government fee is Rs. 50 Only if the same is filed within its due date.
| Incorporation Date | Applicability |
|---|---|
| On or Before 30 Sep 2023 | Mandatory |
| On or After 1st Oct 2024 | Optional |
See the table below for both Form 11 & Form 8
All LLPs, irrespective of their turnover or business activity, have to file the Statement of Account & Solvency of the LLP in Form 8 on or before its due date of filing, i.e., 30th October for the preceding financial year. The purpose of Form 8 is to report the financial statement of the LLP and a declaration that the LLP is solvent and can meet its liabilities. The designated partners are responsible under the law to prepare the financial statement for the LLP.
As no specific format is prescribed under the LLP Act, the guidelines framed by the Institute of Chartered Accountants of India (ICAI) should be adhered to for the purpose of preparing the financial statement of the LLP. At least two designated partners and the auditor, in case the statutory audit is applicable to the LLP, should sign the financial statement.
Statutory Audit of LLP: The statutory audit from a full-time practising chartered account is necessary when the capital of the LLP is more than ₹25,00,000 or the annual turnover for the financial year exceeds ₹40,00,000. In the case of small companies, the audit is optional.
| Incorporation Date | Applicability |
|---|---|
| OOn or Before 30 Sep 2023 | Mandatory |
| On or After 1st Oct 2024 | Optional |
The LLPs are expected to file their annual returns to the ROC within its due date; Setindiabiz assists in the preparation and timely filing of all the annual compliance filing for the LLP. The table below provides the standard ROC filing fee for the LLP relating to the filing of Forms 11 and 8, which depends on the capital contribution of the LLP.
| SL. No | Contribution Amount (INR) | Normal Filing Fee |
|---|---|---|
| 1. | Upto ₹1,00,000 | ₹50 |
| 2. | More than ₹1,00,000 upto ₹5,00,000 | ₹100 |
| 3. | More than ₹5,00,000 upto ₹10,00,000 | ₹150 |
| 4. | More than ₹10,00,000 upto ₹25,00,000 | ₹200 |
| 5. | More than ₹5,00,000 upto ₹10,00,000 | ₹150 |
| 6. | More than ₹100,00,000 | ₹600 |
In case the LLP cannot file the annual return in Form 11 or the financial statement in Form 8, it can still be submitted with an additional fee, as per the table below, which calculatesthe additional fee as The number of times of the normal filing fee,to be paid for late filing based on the number of days of delay and the type of the LLP.
| SL. No | Period of Delay | Small LLP | Other than Small LLP |
|---|---|---|---|
| 1. | Upto 15 Days | 1 Times | 1 Times |
| 2. | More than 15 to 30 Days | 2 Times | 4 Times |
| 3. | More than 30 to 60 Days | 4 Times | 8 Times |
| 4. | More than 60 to 90 Days | 6 Times | 12 Times |
| 5. | More than 90 to 180 Days | 10 Times | 20 Times |
| 6. | More than 180 to 360 Days | 15 Times | 30 Times |
| 7. | Beyond 360 Days | 15 Times Plus ₹10 for each day of further delay beyond 360 days | 30 Times Plus ₹20 for each day of further delay beyond 360 days |
The concept of the Small LLP was introduced to give relaxation to smaller LLPs. There are two conditions to qualify to be considered as a Small LLP. If an LLP breaches any of the conditions, then the status of a small LLP will not be available. The current limit for the purpose of small LLP is as follows.
| SL. No | Criteria | Qualifying Limit |
|---|---|---|
| 1. | Capital of LLP | Not Exceeding ₹25,00,000 |
| 2. | Turnover of LLP | Not Exceeding ₹40,00,000 |
Note: In addition to the common compliances mentioned above, an LLP may also need to get its books audited under the LLP Act, Income Tax Act, or GST Laws. The audit requirement depends on factors like the LLP’s capital, annual turnover, and nature of business. We recommend reaching out to us for a free consultation!
As per the Income Tax Act, an LLP is a taxable entity and is treated similarly to a partnership firm. The Income Tax Return (ITR) filing for the assessment year 2024-25 is due and obligatory for all LLPs established on or before 31st March 2024 (FY 2023-24). The last date to file the LLP ITR is 30th July 2024 for FY 2023-24. The following steps detail the process required for filing your LLP’s ITR
The LLP accounting process is the first step in preparing financial statements. While finalising the Books, it’s essential to follow the provisions of the LLP Act and the Income Tax Act of 1961.
Computation of tax payable is a process that determines the income tax liability of the LLP after considering the applicable provisions of the Income Tax Act. The due tax is paid through Challan Number 280
The LLP’s income tax return (ITR) is digitally filed on the income tax portal after the due taxes are paid. The ITR can be submitted using the digital signature of any designated partner or via Aadhaar OTP-based authentication.
