Annual Filing of LLP

LLP Annual Filing Online in India

Limited Liability Partnership or LLP is a type of partnership which offers all the partners of a company, leverage from liabilities. This type of partnership is very much beneficial for the business partners as the partners of the company are free from paying any liability in case there is some misconduct or any wrongdoing from one of the partners. This is a plus point of the limited liability partnerships while the private limited partnership doesn’t have this policy.

There are several other plus points in the limited liability partnership. The annual returns of the limited liability partnership companies. There are eight steps in the process of filing the annual return in case of the LLP. After the eight important steps, one successfully files the annual return of his/her limited liability partnership company. There are due dates for all the eight forms which are strict for the people if they want to get away from any kind of penalty which is very high in case of the limited liability partnership companies.

What Do You Need To Know?

There are many important instructions which need to be followed by the business owners while filing the annual return of their LLP company. One very important instruction is of the due dates for the important forms which come under the process of filing the annual return. The due date for the first form i.e. the LLP form 11 is 30th May, for the second form i.e. the income tax return is 31st July, for the third form i.e. the tax audit form is 30th September whereas the fourth form i.e. the LLP form 8 is 30th October. These due dates cannot be increased and are very important for everyone to follow these due dates strictly. If not done, there will be a fine which is relatively high from the private limited companies.

Corporate consult is another very important thing which needs to be ensured by the LLP company owners. There are minor and strict requirements while filing the annual return of an LLP company. Our corporate consult will give you detailed information about all the major and minor requirements of the filing process. The detailed information includes the information about the filing procedure, about the documents which are required while filing the final return of the company and also the information about the mistakes which people usually commit while filing the annual return of the company.

You also need to know that the fine in case of non-compliance of the due dates is very high in case of LLP. For instance, if the fine for exceeding the due date in case of private limited companies is 50 thousand, in the same situation the fine in case of the LLP’s goes near 250000. So it is very important to ensure that the due dates are remembered and complied.

Procedure for LLP Annual filing Registration

There is a defined process through which the companies can file the annual return.

  • LLP Form 11: This form needs information about the partners which are there in an LLP company and also the information about investments made by each and every partner of the company. The companies can fill the form and submit it by 30th of march.
  • Income Tax Return: The income tax return can be submitted by the companies through the ITR 5 form which needs to be submitted before 31st August. But there is an exception if the income of the company is on the higher side i.e. is higher than 40 lakh rupees, then before the income tax return is filed, there should be an audit done.
  • Tax Audit: There should be an audit which should be done if the companies profit is on the higher side. Even if the contribution of one partner of the company exceeds, that particular partner is supposed to get the tax audit done before the due date which is 30th September.
  • LLP Form 8: This is a form which deals with the account and solvency and is one of the most important forms which should be filled by the companies. The LLP form 8 should be submitted by the companies before the due date which is 30th of October.

FAQs

Some of the important frequently asked questions asked related to the return filing of the limited liability partnership are as follows:

The due date for filing the tax audit form is 30th September every year.
One can file their annual return on the official website of the ministry of corporate affairs.

The above essentials about the annual return filing are very important to keep in mind. Also, we provide the people with the best corporate consult about the return filing of the limited liability partnership companies registered in India.