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LLP ROC Annual Return & ITR
File Form 11 & Form 8 Easily
Every LLP is obligated to File Income Tax Return (ITR) and ROC Returns after the financial year ends. Form 11 and Form 8 are mandatory filing to ROC by an LLP. For FY 2020-21, the Last Date to file Form 11 is extended to 31st August 2021. At setindiabiz, we offer timely and cost-effective compliance services.
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Table of Content
Overview
DIN KYC for Partners
ITR of LLP
Audit
Stepwise ProcessAnnual Filing for the LLP
The LLP Act, 2008 is the governing law that regulates the affairs of the LLP through the office of the ROC. After the close of the financial year, the designated partners are under a duty to prepare financial statements of the LLP and file ITR and ROC Annual Return for the LLP. In the following sections of this page, we shall be discussing applicable annual compliance filing for an LLP. The applicability and the due date for filing ROC Annual Return are based on the date of incorporation of the LLP. The annual filing for the LLP is mandatory and has severe consequences in heavy fines and penalties in case of non-compliance. We have the most competitive packages for newly incorporated LLP with low turnover.
Applicability of various Annual Filing for the LLP
The applicability for filing of ITR and the ROC Annual Forms for an LLP is determined by its incorporation date. During the financial year 2021-22, the annual filing is applicable for the LLP that came into existence on or before 31st March 2021. The following table shall help you to understand the applicability. The due dates are subject to change whenever the ROC extends the filing date.
| Compliance Type | Due Date (2021) |
Incorporated Between 1st Oct 2020 to 31st march 2021 |
Incorporated on or Before 30th September 2020 |
|---|---|---|---|
| DIN KYC | 30 Sep |  |
|
| ITR of Partners | 30 Sep | |
|
| ITR of LLP | 30 Sep | |
|
| Form 11 | 31st Aug* | No | |
| Form 8 | 30th Oct | No | |
* The original due date of 30th may 2021, is extended to 31st August due To COVID-19
DIN KYC Filing for Each partner of the LLP
The DIN KYC filing by each partner allotted the DIN Number on or before 31st March 2021 is mandatory. KYC filing is web-based if it is the subsequent filing. However, in the first time DIN KYC Filing, an eform DIR-3 KYC is submitted with updated contact details and address proof of director. The last date for filing the DIN KYC is 30th September 2021. If a person does not file the DIN KYC within its due date of filing, then an additional fee of Rs. 5000/- is levied to reactivate the DIN. Please refer to our dedicated page for filing the DIN KYC for the partners of the LLP.
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30th September for filing the Director KYC for the FY 2020-21
ITR of LLP
The LLP is a taxable person and treated as a partnership firm for all purposes under the Income Tax act. The ITR filing is due and mandatory for all the LLP incorporated on or before 31st March 2021. Following are the steps which shall be required for filing an ITR of your LLP.
1
Prepare Statement of accounts for the LLP : The accounting of the LLP is the first step towards the preparation of the financial statements of the LLP. While doing accounting and finalisation of the Books, the provisions of the LLP Act and the Income Tax Act, 1961 must be complied with.
2
Income Tax Computation : The computation of taxable income is the most crucial step in filing an ITR for the LLP. You should consider the relevant income tax sections to see if a particular expense is allowed or disallowed under sections 28-44. The self-assessment Income Tax for the LLP should be paid online by visiting the Income Tax Portal. On the tax payment portal, select Challan Number - 280 and follow the on-screen instruction.
3
Filing of Income Tax Return for Your LLP : The LLP ITR can be filed only after payment of self-assessment tax. The ITR can be filed with the digital signature of any one of the designated partners or by way of Aadhar OTP based authentication.
Annual Return of LLP in Form 11
Every LLP has to file an annual return on form 11 to the registrar of companies within 60 days of ending the financial year. As described in the applicability section, the LLP incorporated until 30th September 2020 is required to file their annual return to the ROC in the prescribed Form 11. The original due date of filing Form 11 is 30th May 2021. However, due to the COVID-19 pandemic, the date is extended to 31st August 2021. It is mandatory even if there is no business transaction & is applicable equally to all LLP irrespective of its turnover or activities
Form 11 is intended to report every material change of the LLP during the previous financial year, concerning its registered address, partners etc. You should disclose all the changes correctly. In case of doubt contact us. The government fee for filing Form 11 is only Rs. 50/-, However, in the case of non-filing, an additional fee/late fee of Rs. 100 is imposed for every day of delay.
Filing of Form 8 for the LLP
Form-8 is the prescribed format to file a statement of Account & Solvency with the Registrar of Companies/LLP. In this form, the LLP has to file critical financial information and a declaration under the MSME Act. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and that it is capable of paying its liabilities or debts. Therefore it is necessary to prepare the financial report before you start filling the form 8 to the ROC.
The government fee for filing Form 11 is only Rs. 50/-, However, in the case of non-filing, an additional fee/late fee of Rs. 100 is imposed for every day of delay. The statement of the solvency of the LLP in form 8 is required to be digitally signed by anyone designated partner and a practising professional such as CA, CS or CMA.
Statutory/Tax/GST Audit of the LLP
| Type of Audit | Particulars |
| Statutory Audit | The statutory audit of the LLP refers to the attestation of its financial statement and an independent audit report by a practising chartered accountant as required by the Limited Liabilities Act, 2008. The statutory audit of the LLP is required only in the following cases
|
| Tax Audit | The tax audit of the LLP is an audit under section 44AB of the Income Tax Act, 1961, which applies to every kind of taxpayer. The tax audit is required when the turnover reaches Rs. 1 Crore or more. |
| GST Audit | The new law of The goods and services tax act imposes a universal audit on all persons registered under the GST act in case the turnover of the taxpayer is equal to or more than one crores. This audit is a detailed reconciliation report prepared and certified by a practising chartered accountant concerning the GST Act. |
Step Wise Process For LLP Annual Filing
The LLP is a taxable person and treated as a partnership firm for all purposes under the Income Tax act. The ITR filing is due and mandatory for all the LLP incorporated on or before 31st March 2021. Following are the steps which shall be required for filing an ITR of your LLP.
Step - 1:
Check if ROC returns are applicable or only ITR needs to be filed
The annual filing is an activity involving ROC as well as Income Tax Returns. Whether or not your LLP has to file Form-11 or Form-8 depends on its date of incorporation. For the newly incorporated LLP on or after 1st October 2020, the ROC Returns are optional for FY 2020-21. ITR and DIN KYC are mandatory in all cases.
Step - 2:
Check validity of Digital Signature of all the designated partners
The ROC Annual Returns of the LLP (Form 11 & Form 8) and its Income-tax Returns are filed electronically after its authentication by the digital signature of the designated partners of the LLP. Check the validity of the digital signature, and if expired, please take steps to renew the same
Step - 3:
Obtain complete bank statement and identify transactions
For accounting purposes, we need a complete bank statement of your LLP for the relevant financial year. The bank statement must start from the 1st day of the fiscal year, i.e. 1st April, and ends on the 31st March. We suggest you mention the details of the party and the nature transaction against each entry of the bank statement. Learn how to maintain a bank statement
Step - 4:
Reconcile your books and confirm balance from parties
Now accumulate all the invoices raised and bills of expenses. Please note we follow the accrual accounting system, include all the invoices or statements even if the same is unpaid. Further, reconcile with GST and TDS Returns. Ask for a ledger from significant parties and reconcile the balance as of 31st March for financial statement accuracy.
Step - 5:
Contact us, & we will do the rest
Well done; now is the time for your consultants to prepare the statement of accounts and solvency for your LLP. We will send you the final reports of your LLP for your confirmation and post that will further assist you in filing ROC & Income Tax Returns of the LLP.
Frequently Asked Questions
What is the meaning of the Financial Year for ROC Return of LLP?
The meaning of the financial year for income tax and the ROC filing is different. For the ROC filing, the financial year starts from the date of incorporation and ends with the next 31st March. However, if the LLP is incorporated after 30th September, then the financial year ends next to next 31st March.
For Example
For LLP incorporated before 30th September, during the calendar year 2020, the first financial year shall end on 31st March 2021, and thus would be required to file Form 11, Form 8 and Income Tax Return before their respective due dates.
For LLP incorporated after 30th September, during the calendar year, the financial year shall be an extended period beyond 12 months, and it shall end on 31st March 2022. Thus during the year 2021, there is no ROC Return that shall be filed in the year 2019. However, in all cases, the ITR shall be filed before 31st July 2021
What is the meaning of Financial Year for the filing LLP ITR?
The financial year for ITR of the LLP is from 1st April to next 31st March. Even if the LLP is incorporated on 31st March 2021, the financial year shall be 2020-21, and the LLP incorporated between 1st April 2020 to 31st March 2021 shall be required to file its ITR before 31st July 2021.
What is the government fee, due date, and Form for filing the Annual Returns of an LLP?
The LLP is required to file two returns with the Registrar of Companies through the e-filing portal of MCA. To submit the return digital signature of the designated partner is needed. Please refer below table for the due dates
| Form Name | Due Date | Normal Fee | Additional Fee |
|---|---|---|---|
| Form 8 | 30 October 2021 | Rs. 50/- | Rs. 100 for each day of delay |
What happens if Form 11 and Form 8 for an LLP is not filed on time?
The non-filing of Form - 11 and Form - 8 is a serious non-compliance of the LLP Act, 2008. These returns can be filed late with an additional fee of Rs. 100 for each day of delay. For example - If the return filing of LLP is delayed by three months, then the extra charge would be Rs. 9,000 for each form. There are two forms, ie. Form 11 and 8, thus the total additional fee shall be Rs. 18,000/- which keeps on increasing with Rs. 200 for every day of delay.
Who can certify Form 11, i.e.Annual Return of LLP?
The Form-11 needs to be certified by at least two Designated Partner, however in case, turnover of LLP exceeds five crores or the contribution of LLP is more than 50 lakh then the annual return of such LLP needs to certified by a practicing company secretary.
What is the penalty for Non Filing of the Annual Return?
Any contravention of the timeline in filing/ non-filing as such is a punishable offense with a penalty on the LLP which shall not be less than Rs. 25,000/-, however it may extend to Rs. 5 lakh and each Designated Partner of the LLP is further punishable with a fine which shall not be less than Rs. 10,000 but may extend to Rs. 1 lakh.
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