Limited Liability Partnership (LLP) Annual Return Filing

LLP Firms are bound to file annual income tax returns (ITR) while missing them can lead to huge penalties.

Digital Filings can help you in…:

 Maintaining books of accounts

 Calculating net payable tax

 Submitting annual compliance on time

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Understanding LLP Annual Return Filing

LLP is an easy to manage business model that provides additional benefits of limited liability to the registered partners. Just like other business frameworks, an LLP is also a creation of law and has to file annual income returns in prescribed formats. The annual compliance filed by the LLP firms contains information about designated partners and their respective capital contributions.

LLPs must file their ITRs using Form ITR 5 that can be filed online through the income tax department website using the digital signatures of the designated partners. As per government guidelines, LLP firm is not required to get its accounts audited unless the firm exceeds the annual turnover and contributions of INR 40 Lacs and INR 25 Lacs, respectively. In such case, the firm needs to get their accounts audited by a chartered accountant (CA) / company secretary (CS) / cost accountant and must file their returns by September 30th.  For the firms that do not require tax audits, must file their ITRs by July 31st.

Also, LLPs must file their Annual ITR within 60 days from the close of financial year (i.e. by May 30th) while Statement of Account and Solvency within 30 days, from the six months ending counting from the start of new financial year (i.e. by October 31st).

Required Annual Taxation Compliance for LLPs

Annual Return

Financial Statement

LLP Form 8

LLP Form 11

Annual Return

LLPs are obliged to file their annual income returns before May 30th in order to be compliant with taxation guidelines and avoid penalties. It is advisable not to wait till last moments as the ITRs might get further delayed due to heavy submissions.

Financial Statement

Financial Statements of an LLP are submitted to Registrar of Company (ROC) by filing the Form-8 where at least two partners sign the statement of solvency. This can be done online as well and requires digital signatures of all the designated partners.

LLP Form 11

Form 11 contains the LLP partners’ details, including total partner’s count, their respective contributions, as well as summary of partners and other information of the firm. LLPs should file Form 11, along with the prescribed fee, by May 30th every year.

LLP Form 8

Form 8 contains Statement of Solvency, Statement of Accounts, and Statement of Income and Expenditure. Form 8 need to be digitally signed by 2 designated partners and must be filed by October 31st of the new Financial Year along with some prescribed fee. Also, the Form 8 must be certified by a CA / CS / cost accountant.

We are Glad to Help!

An LLP, being a separate taxable unit, is obligated to file for its annual ITRs before its due date. Firms that failed to do so are subject to certain legalities, including heavy penalties that can go up to INR 5 lacs in some cases.

Do Not Worry!

Trained Taxation Experts @ Digital Filings can effectively assist partners in filing annual ITR for their LLP firm, while enabling them to focus on their core business related matters.

What People Frequently Ask…

What happens if LLP failed to file Form 11 and Form 8 on time?

The non-filing of the ITR and financial statement of an LLP is a serious non-compliance under the LLP Act, 2009. Delay in filing ITR will lead to a daily fine of INR 100 for each filing under Form 8 and Form 11. To understand it better, if LLP ITR is delayed by three months, then the extra charge to bear will be INR 9,000/- for each form, totaling to INR 18,000/-.

What happens if the ITR is not filed on time?

LLP should file its ITR by July 31st every year, however, in tax audit cases the return may be filed September 30th. In case where LLP is not able to file its annual ITR by the prescribed due dates then it can still file the tax returns by March 31st of the next year, however, it is subject to the following adverse consequences:

  • Income Tax Department shall send notice and impose a penalty for late ITRs
  • LLP cannot carried forward the accumulated losses or unabsorbed depreciation to next financial year
  • Delayed returns cannot be revised
  • LLP ratings is severely get affected due to late filing of ITR
Who can certify the Form 11, i.e., Annual ITR of an LLP?

The Form-11 needs to be certified by at least two Designated Partners, however in case, where LLP’s turnover of LLP exceeds INR 5 Crores or the LLPs contribution of is above INR 50 Lacs then the annual ITR needs to certified by a practicing CA / CS.

What is the penalty for not filing the Annual ITR?

Any delay in filing or non-filing of annual ITRs is a punishable offence with a penalties may range between INR 25,000/- and INR 5 Lacs, while each Designated Partner of the LLP is punishable with a fine valuing between INR 10,000/- INR 1 Lacs.

What is the government fee, due date, and required Form for filing annual ITR of an LLP firm?

The LLP is required to file two annual returns with the ROC through the e-filing portal of Ministry of Corporate Affairs (MCA). To submit the annual ITRs digital signature of the designated partner is required.

  • Annual ITR is filed in Form -11 with government fee of INR 50/- and due date is on or before May 30th every year
  • Financial statements of an LLP to ROC are filed in Form-8 with government fee of INR 50/-and due date is on or before October 30th every year
What is the Financial Year for an LLP for filing annual ITR?

Financial Year for an LLP to file annual ITR starts from April 1st to March 31st next year. Even if an LLP incorporated on March 31st, 2018, the financial year shall be considered as 2017-18, while LLP incorporated between April 1st and March 31st next year shall be required to file ITR before July 31st.

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How we Do It…

Annual ITRs are compulsory payments that are obligatory to be paid on time to avoid any legal complications. Partners @ Digital Filings can assist an LLP in proficiently managing its annual compliance.


Updating Accounts

The books of accounts are updated to ascertain the net taxable amount. It is necessary to analyze the financial performance of an LLP firm by flawlessly drafting its balance sheet. Compliance Expert @ Digital Filings will coordinate with LLPs finance department to gather essential information and will also share the financial report prepared by the team.


Computing Returns

On the basis of the company’s balance sheet and profit & loss account, the net payable tax will be calculated, by Digital Filings’ experts, following the prescribed format. The computed tax will then be verified by the LLPs finance department and after getting approval; the digital signature of a designated partner will be affixed to take the process further.


Task Furnished for This Year!

After preparing the annual ITR and drafting and compiling necessary documents, forms, and financial statement, Digital Filings experts will assist LLPs in filing the annual returns at the Ministry of Corporate Affairs (MCA), thus fulfilling the compliance for the current year.

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