ROC Annual Filling of LLP

Overview

Like other private companies, Limited Liability Partnership (LLP) also has to do its annual filing. It refers to filing of its various documents to Registrar an annual basis. This process of LLP is divided in three parts:

• First is filing of 'Statement of Accounts'
• Second is filing of 'Annual Return'
• Income Tax

PART-1: Filing of 'Statement of Accounts'

Sub-section 3 of section 34 is the sections which provides for the filing of Statement of Accounts and Solvency. This is to be filed every year by the Limited Liability Partnership (LLP). Statement of Accounts and solvency must be filed within 30 days (1 month) from the end of six months of the financial year of the company i.e. it dues on 30th October. Form 8 is required to be filed for this . Statutory fees levied on LLP to file Form-8 is as follows :

• Fees of rupees 50 for the Limited Liability Partnership (LLP) having its Contribution up to rupees 1,00,000.
• Fees of rupees 100 for the Limited Liability Partnership (LLP) having its Contribution more than rupees 1,00,000 and up to rupees 5,00,000.
• Fees of rupees 150 for the Limited Liability Partnership (LLP) having its Contribution more than rupees 5,00,000 and up to rupees 10,00,000.
• Fees of rupees 200 for the Limited Liability Partnership (LLP) having its Contribution more than rupees 10,00,000.

Important note: Minimum two Designated Partners of Limited Liability Partnership should sign the statement of Accounts and Solvency before filing this form.

PART-2 Filing of 'Annual Return'

The 'Annual Return' is also to be filed every year by the Limited Liability Partnership (LLP). The Annual Return must be filed within 60 days (2 months) from the date of closure of the financial year of the company i.e. due on 30th May. Form-11 is to be filed of this. Statutory fees levied on LLP to file Form-11 is as same as of Form-8.

PART-3 Income tax

According to the Income Tax Act, each Limited Liability Partnership (LLP) has to close its financial year on 31st March every year. It also has to file its income tax returns with the Income Tax Department. However, for a Limited Liability Partnership having a turnover of more than rupees 1,00,00,000 ( 1 crore ), the accounts should also be audited as per the requirements of Income Tax act.

Timelines for Filing Income Tax Return

• 1. LLP whose accounts must not be audited under any law have to file its Income tax Return on 31st July of every year.
• 2. LLP whose accounts are to be audited under law have to file its Income Tax Return on 30th September (or any other date notified be the Department).

To have the Annual Filing completed, the Limited Liability Partnership (LLP) must get the above three parts completed within the time frame provided. Failure in completing the above parts on time may lead to imposition of some additional fees or penalty on the LLP.