LLP ROC Return Filing for F.Y. 2023-24
LLP ROC Return Filing for F.Y. 2023-24 has been started. Dont wait for due date File your All annual form like DIR 3 KYC Form, LLP Form 11, LLP Form 8 and Income Tax Return Form etc. before due date to avoid penalties and legal consequences. Let’s start today, Contact Us Now.
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LLP Annual Compliance : Introduction
LLP ROC return filing refers to the submission of necessary documents, including Annual Returns and Statement of Accounts, to the Registrar of Companies. It is a statutory requirement that LLPs must fulfill to maintain compliance with the regulatory authorities.
Importance of LLP ROC Return Filing
LLP ROC return Filing serves multiple purposes. Firstly, it provides stakeholders, such as partners, investors, and creditors, with updated financial information and ensures transparency. Additionally, it allows the government to track the financial health and activities of LLPs, contributing to a fair and accountable business environment. Failure to comply with LLP ROC return filing requirements can result in penalties, legal repercussions, and even the dissolution of the LLP.
Who is Responsible for LLP Compliance?
The designated partners of the LLP are responsible for ensuring that LLP ROC Return Filing is done on time and accurately. They are required to sign the annual returns and financial statements before submitting them to the RoC. In case of non-compliance, the designated partners can be held personally liable.
LLP Annual Filing Forms
LLP Annual Return Filing in Form 11
Every LLP Registered in India need to file LLP Annual return in Form 11.
- Due Date: The LLP Annual Return for the financial year 2023-24 must be filed on or before May 30, 2024.
- Penalty On Non Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 100 per day.
LLP Financial Statement filing in Form 8
Every LLP Registered in India need to File Financial Statement in Form 8.
- Due Date: The LLP Financial Statements for the financial year 2023-24 must be filed on or before October 30, 2024.
- Penalty On Non Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 100 per day.
The DIN KYC filing by each partner allotted the DIN Number on or before 31st March 2024 is mandatory. KYC filing is web-based if it is the subsequent filing. However, in the first time DIN KYC Filing, an eform DIR-3 KYC is submitted with updated contact details and address proof of director.
- Due Date: The last date for filing the DIN KYC is 31st July 2024
- Penalty On Non Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs.5000 Per Director.
LLP Income Tax Return Filing for F.Y. 2023-24
Every LLP Registered in India on or before 31st March 2024 Need to File Income Tax Return.
- Due Date: The Due Date for Filing the financial year 2023-24 must be filed on or before 31st July 2024
- Penalty On Non Filing: Non-filing or Late filing, will impose additional fee/late fee of Rs. 10,000/-.
LLP Annual ROC Return filing process
The stages involved in submitting an Annual Return for a Limited Liability Partnership (LLP) are as follows:
- Collect Information: Gather all essential data and documents, including balance sheets, profit and loss statements, financial statements, and other pertinent information for the fiscal year.
- Prepare Form 11: Form 11, also known as the Annual Return of LLP, must be completed and filed by LLPs. This form includes information including the address of the LLP’s registered office, partner information, capital contributions, and profit sharing percentages.
- Prepare Form 8: Form 8 must be completed and submitted by LLPs; it is a statement of accounts and solvency. This form includes details about the financial position of the LLP, such as assets and liabilities.
- Get the Forms Signed: The designated partners of the LLP need to sign the forms before they can be filed.
- File the Forms: Once the forms are prepared and signed, they need to be filed with the Registrar of Companies (ROC) within 60 days of the end of the financial year. This can be done online through the MCA portal or in person at the ROC office.
- Pay Fees: There is a fee associated with filing the annual return, which varies depending on the LLP’s capital contribution. The fee must be paid at the time of filing the forms.
- Receive Acknowledgement: After the forms are filed and the fee is paid, the ROC will issue an acknowledgement of the filing. This acknowledgement should be retained as proof of filing.
It is important for LLPs to file their Annual Returns on time and accurately to avoid penalties and legal repercussions.
Benefits of LLP Annual ROC Return Filing
Compliance with the Law
The LLP Act, 2008, mandates every LLP in India to file an annual return with the Registrar of Companies (ROC). Failing to file the annual return on time can result in penalties, which can be hefty. Filing the annual return on time ensures that the LLP complies with the law and avoids any legal repercussions.
Transparency
The LLP annual return provides transparency to the stakeholders, including the partners, creditors, and investors, about the financial activities of the LLP. It contains details such as the LLP’s partners, capital, profits, and other financial information. Filing the annual return ensures that the stakeholders are aware of the LLP’s financial position and can make informed decisions.
Avoids Penalties and Legal Issue
Failing to file the annual return on time can result in penalties and legal repercussions. The penalty for late filing of the annual return is Rs.100 per day of delay, subject to a maximum of Rs.5,000. Moreover, the LLP can face legal action for non-compliance with the law. Filing the annual return on time ensures that the LLP avoids these penalties and legal repercussions.
Access to Bank Loans and Credit
Banks and financial institutions require businesses to provide various documents, including the LLP annual return, to evaluate their creditworthiness. Filing the annual return on time ensures that the LLP has access to bank loans and credit when needed.
Builds Credibility
Filing the LLP annual return on time builds credibility for the LLP in the eyes of the stakeholders. It demonstrates the LLP’s commitment to transparency and compliance with the law. This can help the LLP attract potential investors, partners, and customers.
Helps in Decision Making
The LLP annual return contains details about the LLP’s financial position, profits, and losses. Analyzing this information can help the LLP make informed decisions about its future course of action. It can help the LLP identify areas that need improvement and take corrective measures.
Audit under LLP Act / Income Tax Act / GST
Statutory Audit (Audit under LLP Act)
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 required only in the following cases
- That the capital of LLP is Rs. 25 Lakh or more, or
- The turnover of the LLP is Rs. 40 Lakh or more
Income 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. 1 Crore or more.
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.
Applicability of various LLP Annual Filing
The applicability for filing of ITR and the ROC Annual Forms for an LLP is determined by its incorporation date. During the financial year 2022-23, the annual filing is applicable for the LLP that came into existence on or before 31st March 2023. The following table shall help you to understand the applicability. The due dates are subject to change whenever the ROC extends the filing date.
Compliance Name | Due Date | Incorporated on or Before 30th Sept 23 | Incorporated Between 1st Oct 2022 to 31st March 2023 |
|---|---|---|---|
Director KYC | 30th June 2024 | Applicable | Applicable |
ITR of Partners | 31st July 2024 | Applicable | Applicable |
ITR of LLP | 31st July 2024 | Applicable | Applicable |
LLP FOrm 11 | 30th May 2024 | Applicable | Not Applicable |
LLP Form 8 | 30th Oct 2024 | Applicable | NoApplicable |
Frequently Asked Questions
Yes, LLP Annual Filing is mandatory for all LLPs in India.
The designated partners of the LLP are responsible for ensuring that LLP Annual Filing is done on time and accurately. They are required to sign the annual returns and financial statements before submitting them to the RoC.
The due dates for LLP Annual Filing depend on the LLP’s financial year-end. The due date for LLPs with a financial year ending on 31st March is 30th October of the same year, and for LLPs with a financial year ending on any other date, it is 60 days from the end of the financial year.
Yes, LLPs can file their annual returns and financial statements after the due date by paying a penalty. However, if the LLP fails to file the forms for more than 300 days, then the LLP can be struck off from the register of LLPs.
Non-compliance with LLP Annual Filing can result in penalties and legal consequences. The designated partners of the LLP can be held personally liable for non-compliance.
Yes, an LLP can file its annual returns and financial statements without the help of a professional. However, it is advisable to seek the help of a professional to ensure that the filings are done accurately and on time.
Yes, LLPs are required to file their annual returns and financial statements even if they have not carried out any business activity during the financial year.
LLPs can file their annual returns and financial statements online through the Ministry of Corporate Affairs (MCA) portal. They can also seek the help of a professional to file the forms on their behalf.
