LLP Annual Compliance Filing

Online filing of Form 11, 8 & ITR

LLPs are obligated to submit annual returns to the ROC and ITR to the tax department. It’s crucial to timely file mandatory Form 11 and Form 8 to avoid stringent penalties. Setindiabiz provides cost-effective and punctual LLP annual compliance filing services.
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Fee for Annual Return Filing for an LLP

Applicable for all LLP, across India upto Rs. 10 Lakh of Turnover. For others request Quote

Form 11 of LLP
₹ 1499/-

This pack includes only filing of Form 11, which is an annual regulatory filing for LLPs in India, reporting details of the LLP’s partners and business. The last date is 30 May 2023 for the FY 2022-23

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Form 11 and 8
₹ 2,999/-

While form 11 is annual return of partners and business of LLP, the form 8 is about filing a statement of solvency of the LLP. Financial statement is a mandatory attachment to Form 8.

Form 11, 8 and ITR
₹ 4,499/-

This pack takes care of ROC annual return in Form 11 & 8, and also the filing of Income Tax Return (ITR) for the LLP. We strongly recommend you to signup for this peace of mind pack.

LLP Annual Compliance - Overview

Regulated by the LLP Act, 2008, LLPs are obligated to prepare and file annual financial statements, ITR, and ROC returns after each financial year’s close. This page details the essential annual compliance filing for LLPs. Timely filing of ITR and ROC Returns is crucial and non-compliance may result in severe fines and penalties. The due dates for filing ROC Annual Returns depend on the LLP’s incorporation date, as elaborated in our “Due Dates” Section. Following are the important annual compliances that may apply to your LLP.

Annual Compliance Requirement

Play Video about LLP Annual Compliances for 2023-24

Due Dates for Annual Filings of the LLP

The due dates for filing ITR and ROC Returns for an LLP are determined by its incorporation date. Any LLP established on or before 31st March 2023 must comply with annual filing. The table below clarifies the applicability of specific annual filings for your understanding based on the date of incorporation and respective due dates.
No Name of Compliance Due Date FY 2022-23 Incorporated on or After 1st October 2022 Incorporated on or Before 30th September 2022
1.
Form -11
30 May 2023
Optional
Mandatory
2.
Form -8
30 October 2023
Optional
Mandatory
3.
LLP ITR
31 July 2023
Mandatory
Mandatory
Note: Besides 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. For a free consultation, we recommend reaching out to us!

Process of LLP Annual Compliance Filing

Step-1: Determine ROC Returns Applicability vs. ITR Filings

Annual filings involve ROC and Income Tax Returns filings. The need to file Form-11 or Form-8 depends on your LLP’s incorporation date. For LLPs incorporated on or after 1st October 2022, ROC Returns are optional for FY 2022-23. However, ITR filing remain mandatory in all cases.

Step-2: Verify Validity Of Designated Partners' Digital Signatures

The LLP’s ROC Annual Returns (Form 11 & Form 8) and Income-tax Returns are electronically filed and authenticated by the designated partners’ digital signatures. Ensure these signatures are valid; if expired, initiate the renewal process.

Step-3: Obtain Comprehensive Bank Statements and Classify Transactions

For accounting, procure your LLP’s complete bank statement for the relevant financial year, spanning from 1st April to 31st March. It’s recommended to provide details of the party and transaction nature against each bank statement entry.

Step-4: Reconcile Your Books and Confirm Balances with Parties

Accumulate all invoices and expense bills. Given that India follows an accrual accounting system, include all invoices or statements even if unpaid. Then, reconcile with GST and TDS Returns. Request ledgers from significant parties and reconcile the balance as of 31st March for financial statement accuracy.

Step 5: Reach Out to Us, and We'll Take It From There

Congratulations on reaching this step. Now, let your consultants prepare the statement of accounts and solvency for your LLP. After confirming the final reports, we’ll assist you further in filing your LLP’s ROC and Income Tax Returns.

File Form 11 (Annual Return of LLP)

Each LLP is obligated to file an annual return using Form-11 to the ROC within 60 days of the financial year’s conclusion. As noted in the applicability section, LLPs incorporated up to 30th September must file their annual return to the ROC using the designated Form-11 in the following financial year. The due date for Form-11 filing is 30th May 2023 for LLPs established during FY 2022-23 or earlier. This annual filing obligation is mandatory for all LLPs, regardless of business transactions, turnover, or activities.
The aim of LLP annual return filing using Form-11 is to report any significant changes in the LLP during the past financial year, such as changes in registered address or partners. Designated partners are collectively and individually responsible for submitting the LLP’s annual return. The government fee for Form 11 filing is Rs. 50/- only, but if the form 11 is filed late then late filing fee would be applicable which is completely avoidable.
Form-11 is used to report key details about the LLP’s operations during the financial year. It includes information about the LLP’s partners, their contributions, changes in management, and changes in the registered office address. It is also used to report the details of any new business agreements entered into by the LLP and any alterations to previous agreements. Form-11 is essentially a comprehensive update on the status and activities of the LLP, allowing the ROC to maintain up-to-date records.

File Form 8 (Statement of Account & Solvency of the LLP)

Every LLP must file two annual returns with the ROC: Form-11 and Form-8. Form-8 reports the financial standing and a statement of Account & Solvency of the LLP to the Registrar of Companies. This form requires the LLP to provide critical financial data and a declaration under the MSME Act. It serves as the LLP’s assertion to the ROC of its robust financial position and its capability to fulfill its liabilities or debts. Consequently, it’s essential to prepare the financial report before initiating the Form 8 filing to the ROC.
Form-8 includes details about the LLP’s assets and liabilities, loans and advances, and cash flows during the financial year. It also reports the partners’ contributions and any significant changes to the LLP’s financial structure.
The government fee for filing Form 8 is Rs. 50/- only. However, in case of non-filing, a late filing fee would be levied for each day of delay. The Statement of Solvency in Form 8 must be digitally signed by at least one designated partner and a practicing professional such as a CA, CS, or CMA

Filing of Income Tax Return of the LLP

As per the Income Tax Act, an LLP is a taxable entity and treated similarly to a partnership firm. The Income Tax Return (ITR) filing for the assessment year 2023-24 is due and obligatory for all LLPs established on or before 31st March 2023 (FY 2022-23). The following steps detail the process required for filing your LLP’s ITR

Preparation of LLP’s Statement of Accounts:
The accounting process of the LLP is the first step towards preparing the financial statements. While finalising the Books, it’s essential to comply with the provisions of the LLP Act and the Income Tax Act, 1961.

Computation of Taxable Income:
Relevant income tax sections should be examined to determine whether a specific expense is allowed or disallowed under sections 28-44. The LLP’s self-assessment Income Tax should be paid online via the Income Tax Portal. On the portal, select Challan Number – 280 and follow the on-screen instructions.

Display of BIS CRS Mark:
Once the BIS CRS Licence is granted, the product and packaging both, must display the standard ISI mark along with the unique R-Number. However, if it is not feasible to display the mark on the product due to size constraints, it may be displayed on the packaging only. For products with a display screen, the provision of an e-labelling is also available.

Statutory or Tax Audit of the LLP

An audit is a crucial aspect of LLP annual compliance, ensuring financial transparency and adherence to regulatory standards. Different types of audits apply to LLPs under different circumstances, including Statutory Audit, MAT Audit, Tax Audit, and GST Audit.
Type of Audit Particulars
Statutory Audit
    Statutory Audit under the LLP Act

    Statutory Audit is an independent attestation of an LLP's financial statement by a practicing chartered accountant, as mandated by the Limited Liabilities Act, 2008. It is applicable only when:

  • The capital of the LLP is Rs. 25 Lakh or more, or
  • The turnover of the LLP is Rs. 40 Lakh or more.
MAT Audit
MAT Audit under the Income Tax Act

If the LLP falls under the provisions of Minimum Alternate Tax (MAT), it must procure a report from a practicing chartered accountant in the prescribed Form 29C of the Income Tax Act. This report confirms the Adjusted Total Income and MAT computation align with the Income-tax Act, 1962's provisions.

Tax Audit
Tax Audit under the Income Tax Act

Tax Audit, under section 44AB of the Income Tax Act, 1961, applies to all taxpayers. The LLP requires a Tax Audit when the turnover reaches Rs. 2 Crore or more for business income, and Rs. 50 Lakh or more for professional income.

GST Audit
GST Audit under the GST Act

As per the Goods and Services Tax Act, a GST Audit is mandatory for all persons registered under the GST act if the taxpayer's turnover equals or surpasses one crore. This audit includes a comprehensive reconciliation report certified by a practicing chartered accountant in accordance with the GST Act.

Frequently Asked Questions

Yes, an LLP must file an ITR even if it has no income during the financial year. Non-compliance can result in penalties.
LLP Annual Compliance refers to mandatory yearly filings that Limited Liability Partnerships must submit to regulatory authorities like the Registrar of Companies (ROC) and the Income Tax Department.
Form 11 is an annual return that LLPs are required to file with the ROC within 60 days of the end of the financial year. It reports significant changes in the LLP such as changes in partner or registered address.
Form 8 is an annual filing where LLPs declare their financial standing and solvency to the ROC. This includes key financial information and a declaration under the MSME Act.
The due date for filing Form 11 is within 60 days from the end of the financial year. For LLPs incorporated during the financial year or before, the due date for Form 11 filing is 30th May of the subsequent year.
Form 8 must be filed within 30 days from the end of six months of the financial year.
The Income Tax Return (ITR) is an essential component of LLP Annual Compliance. It helps the Income Tax Department assess the tax liability of the LLP based on its income during the financial year.
Non-compliance with LLP Annual filings can lead to heavy fines and penalties, and in some cases, may lead to LLP dissolution.
In the case of late filing, fee starts with Rupees 10 for small LLP and Rs. 20 per day for other LLP. You should consult us for your specific case
Yes, all LLPs, irrespective of their turnover or activities, must file an annual return. However applicability may differ based on the date of incorporation.
Form 11 reports significant changes in the LLP, while Form 8 declares the LLP’s financial standing and solvency to the ROC.
Yes, depending on factors such as the LLP’s capital, annual turnover, and business nature, it may be subject to audits under the LLP Act, Income Tax Act, or GST Laws.
The designated partners are jointly and severally responsible for filing Form 11 and Form 8.
The process involves checking the applicability of ROC Returns or ITR filing, verifying the validity of digital signatures, obtaining complete bank statements, reconciling books, and confirming balances.
The ITR filing due date for LLPs is generally 31st July of the Assessment Year unless audit provisions apply, in which case it’s 30th September.
Yes, an LLP must file an ITR even if it has no income during the financial year. Non-compliance can result in penalties.