ANNUAL FILLING FOR LLPS
A limited liability partnership return is also needed to be filled annually. In case of non-compliance heavy penalty is to be paid. They are too filled and submitted after a time period of 60 days from the end of the financial year. That means in India you have to fill you LLP annual return before May 30. LLP annual filing is essential to pay income tax return every year. Hence this LLP annual filing is really very necessary.
There are 3 important compliances to be filled by an LLP without any failure
- Annual return – it is form 11 about which the details are mentioned below. It is compulsorily for an LLP to fill it periodically. Form 11 is all about the partnership of LLP.
- Financial statements of accounts of LLP – the financial statements of the accounts have to be maintained by every LLP to fill their annual returns. If you are maintaining the accounts of your LLP in a spreadsheet, make sure you keep it safe for future requirement. The books of accounts are to be kept in a double entry system.
- Income tax return filings – as LLP is a separate legal entity verified by the government of India, you need to file your income tax return. LLP tax return is a form which needs to be filled at the time of paying your LLP income tax return. In it, you are eligible to pay the government tax.
Note – the LLPs who have a final turnover of more than 40 lakhs also needs audit for filing their annual returns. They need to audit their accounts together and verify them under income tax act for annual filings to proceed.
Procedure for filing LLP annual return –
- Form 11 – the details of the LLP have to be filled in this form like a number of partners, the contribution of each partner, details of each partner, etc. after the end of financial year. It is to be filled till 30 of each year.
- Form 8 – This form is to be signed by at least 2 partners of the LLP.
- Form ITR 5 – LLP can fill its income tax return using form ITR 5. This form is available on the income tax portal online. But for filing this online, the partners have to use their digital signatures which you might have created at the time of formation of LLP.
- In case of non-compliance – the two main forms of LLP are formed 11 and form 8. These two forms are to be submitted on time for the further proceeding of LLP. In case you don’t fill these on time, a penalty of INR 100 per day is to be paid till you compliance the LLP.
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