Compliance CalendarAnnual Compliance of the LLP
Online filing of Form 11, ITR & Form 8
After the end of 2021-22, the LLP needs to file its annual return to the ROC and ITR to the Income-tax department. The yearly filing of Form 11 and Form-8 to the ROC is mandatory and must be filed within its due date to avoid heavy fines and penalties. setindiabiz offers timely and cost-effective annual filing services for the LLP.
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Cost of LLP Annual Compliance Filing for FY 2021-22
Simple & Clear Pricing. No Hidden Charges | For upto 25 annual Transactions
BASIC
(All-Inclusive-Fee) ₨ 1,499/-
- Form 11
- (Last date is 30 May 2022)
*No Hidden Charges
SILVER
(All-Inclusive-Fee) ₨ 2,999/-
- Form 11 Filing
- Form 8 Filing
*No Hidden Charges
Popular
GOLD
(All-Inclusive-Fee) ₨ 4,499/-
- Form 11
- Form 8
- LLP ITR
*No Hidden Charges
Note: The above table is for indication purposes; the cost of bookkeeping, preparation of financial statements, and The statutory or tax audit is not included in the above package(s).Request Customised Quotation.
Overview
Applicability & Due Date
Filing for Partner
Form 11 (Annual Return)
Income Tax Return
Form 8 (Financial Return)
Audit Of LLP
Stepwise Process Annual Return 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 Returns for the LLP. In the following sections of this page, we shall be discussing applicable annual compliance filing for an LLP. The yearly filing of ITR and ROC Returns by the LLP is mandatory and has severe consequences in heavy fines and penalties in case of non-compliance. The applicability and the due date for filing ROC Annual Return are based on the date of incorporation of the LLP; we have dealt with the due dates for several compliances in the Due Date Section on this page.
DIR-3 KYC
For Every Partner
Form – 11
(Annual Return to ROC)
LLP ITR
(Income Tax Return)
Form – 8
(Financial Statement Reporting)
Applicability and Due Date of LLP Annual Compliance
The applicability for filing of ITR and the ROC Returns for an LLP is determined by its incorporation date. The annual filing is applicable for the LLP that came into existence on or before 31st March 2022. The following table shall help you understand the applicability of the respective annual filing.
| S.No | Compliance Type | Due Date (2021) | Incorporated on or After 1st October 2021 | Incorporated on or Before 30th September 2021 | Penalty of Non Compliance |
|---|---|---|---|---|---|
| 1. | DIN KYC | 30 Sep 2022 | | | Rs. 5000 for Each Partner |
| 2. | Partners ITR | 31 July 2022 | | | Rs. 1,000 to 10,000 based on Income |
| 3. | ITR of LLP | 31 July 2022 | | | Rs. 1,000 to 10,000 based on Income |
| 4. | Form 11 | 30 May 2022 | No | | Rs. 100 for Each day of delay |
| 5. | Form 8 | 30 Oct 2022 | No | | Rs. 100 for Each day of delay |
Annual Filing for the partners of the LLP
The Partners of the LLP are required to file following annual compliance; the DIN KYC is required to be filed with the ROC and ITR to the Income Tax Department before their due date.
DIN KYC Filing
The DIN KYC filing by each partner allotted the DIN Number on or before 31st March 2022 is mandatory. The last date for filing the DIN KYC is 30th September 2022. If a person does not file the DIN KYC within its due filing date, then an additional fee of Rs. 5000/- is levied to reactivate the DIN.
Individual ITR of Partners
As an Individual, every partner & designated partner is an assessee under the Income Tax and must file their Individual ITR within its due date. 31st July 2022 is the last date for filing an Individual ITR. We have affordable packages for filing ITR for the partners/designated partners of the LLP.
Annual Return of LLP in Form 11
Every LLP has to file an annual return in Form-11 to the ROC within 60 days of ending the financial year. As described in the applicability section, the LLP incorporated until 30th September is required to file their annual return to the ROC in the prescribed Form-11 in the next financial year. The due date for filing Form-11 is 30th May 2022 for the LLP Incorporated during FY 2021-22 or prior to that. The annual filing by the LLP is mandatory even if there is no business transaction & is applicable equally to all LLPs irrespective of their turnover or activities.
The purpose of annual return filing by the LLP in Form-11 is intended to report every material change in the LLP during the previous financial year, such as the registered address, change in partner etc. The designated partners are jointly and severally responsible for filing the said annual return of the LLP. 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.
Income Tax Return (ITR) of the LLP
The LLP is a taxable person in the Income Tax Act and treated as a partnership firm for all purposes under the Income Tax act. The ITR filing during the assessment year 2022-23 is due and mandatory for all the LLP incorporated on or before 31st March 2022 (FY 2021-22); 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 toward 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
The computation of taxable income : 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.
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We offer an easy and online compliance service for the LLP to file their ROC Annual Returns and ITR within its due date.
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Filing of Form 8 (Statement of Account & Solvency of the LLP)
There are two annual returns that have to be filed before the ROC, the first being the Form -11, the financial standing and a statement of Account & Solvency of the LLP is filed to the registrar of companies in Form-8. 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 applicable only in the following cases
|
| MAT Audit | If the provisions of Alternate Minimum Tax (AMT) are applicable, then the LLP must obtain a report from a CA in practice in the prescribed Form 29C of the Income Tax Act. The certification is to the effect that the Adjusted Total Income and the AMT have been computed as per the applicable provisions of the Income-tax Act, 1962. |
| 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. 2 Crore or more in case of business income and Rs. 50 Lakh in case of professional income. |
| 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 Compliance
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Frequently Asked Questions
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 on the next 31st of 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 2021, the first financial year shall end on 31st March 2022, 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 2023. Thus during the year 2022, 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 2022.
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 2022, the financial year shall be 2021-22, and the LLP incorporated between 1st April 2021 to 31st March 2022 shall be required to file its ITR before 31st July 2022.
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 11 | 30 May 2022 | Rs. 50/- | Rs. 100 For Each Day Delay |
| Form 8 | 30 October 2022 | Rs. 50/- | Rs. 100 for each day of delay |
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.
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.
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.
