In India, it is crucial to comply with the necessary regulations for your business structure if it is registered. Limited Liability Partnership (LLP) is a type of business structure that requires a minimum of two members and has no limit on the maximum number of members. Compared to a Private Limited Company, the compliance requirements for an LLP are less, but it is still vital to keep track of all the significant statutory due dates for LLP annual filing. These include ROC filing, income tax filing, and GST filing. To ensure that all necessary compliances are met in a given financial year, an LLP must be well-prepared and keep track of important dates. Therefore, we have prepared a calendar containing all the essential statutory due dates for LLP annual filing for the financial year 2022-23 (AY 2023-24).
LLP Annual Filing is a crucial process that every Limited Liability Partnership (LLP) must undertake. It involves the preparation and submission of two ROC forms to the Registrar of Companies each year.
The first form, Form LLP 11, is an Annual Return that must be filed within 60 days from the end of the financial year. The second form, Form LLP 8, is a Statement of Account & Solvency that must be filed within 30 days from the end of six months of the financial year.
LLPs must comply with statutory requirements such as Annual Return, Income Tax Return, Profit and Loss Account, and Balance Sheet, even if they do not conduct any business activities. Similar to companies, LLPs must maintain their financial year from 1st April to 31st March.
Also Read: A compilation of all the ROC (LLP) Filing Due dates for the Financial Year 2021-22
If an LLP fails to file its annual filing forms within the prescribed time, it will be liable to pay a penalty of Rs. 100 per day per form.
The penalty will be applicable from the due date of filing the return till the actual return is filed.
The Designated Partners of an LLP are responsible for maintaining proper Books of Accounts and filing an Annual Return with the MCA each financial year. To avoid penalties, LLPS should file their LLP Form 8 and LLP Form 11 before the due dates.
Suggested Read: Due Date for LLP Annual Filing 2023-24
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