Annual filing of the LLP for the year 2015-16 are going on :
Every LLP which are registered with the Ministry of Corporate Affairs have to file the following major compliance, which is mandatory for the LLP:
Annual Return (Form 11)
Statement of the Accounts &
Solvency (Form 8)
Income Tax Returns (ITR 5)
Most of the Entrepreneurs in India or Startups are confused that filings of the above is mandatory thing even if they are doing the business or not?
The answer is yes. Every LLP have to maintain the compliance even if they are doing the business or not.
The reason is simple you know that you are not doing the business but government doesn’t know that. So through the annual statements or filings you are giving information to the government about your organisation.
Filing of Annual Return:
Annual Return or Form 11 is a Summary of LLP’s Partners like whether there is any changes in the management of the LLP. Every LLP is required to file Form 11 to the Registrar within *60 days* from the closure of financial year i.e. on or before 30th May every year.
Filing of Statement of the Accounts & Solvency: All LLPs are required to maintain the Books of Accounts in Double Entry System and has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. Every LLP is required to file Form 8 to the Registrar within 30 days from the end of six months of financial year i.e. on or before 30th October every year.
Filing Income Tax Return: LLP being separate legal entity, has to determine its Income Tax liability based on Annual Accounts, pay the due tax and file its Income Tax Return with department on or before 31st July. In case where Audit is required, last date of filing Income Tax Return is 30th September.
Audit Requirement under LLP Act: LLP, whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs, are required to get their accounts audited by a qualified CA.
Audit requirement under Income Tax Act: Audit of accounts is mandatory requirement under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.
DSC Requirements: While uploading e-forms, Digital Signatures of any 2 Designated Partners are required for filings.
Penalties for defaulting :
100 per day (unlimited/no upper limit) till the default is made good.
Therefore, due caution needs to be exercised and in time compliance is advised.And those who think that if you don’t file the returns, the LLP would turn dormant and you could close it/strike it off absolving yourself of the penalty and the compliance. Remember, to close your LLP too, you would require making good the compliance first.
http://www.mca.gov.in/MinistryV2/CARFiling.html