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LLP Annual Filing 2020

Every LLP registered on or before 31st March 2020 has to file certain mandatory returns for the Financial Year 2019-20. LLP Annual Filing requirements varies based on the date of registration of LLP. Filing these returns are mandatory even where LLP was not doing any business.

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Overview – LLP Annual Filing

Every LLP registered on or before 30th September 2019 has to file Annual Return (Form 11), Statement of Accounts (Form 8) and Income Tax Returns for the year ended 31st March 2020. Every LLP registered between 1st October 2019 to 31st March 2020 has to file Income Tax Returns for the year ended 31st March 2020. Also, all the designated partners of every LLP registered on or before 31st March 2020 has to file DIN KYC or the year 2019-2020.

LLP Annual Filing 2019 – 2020 

It is mandatory for every LLP to file Annual Return (Form 11) and Balance Sheet (Form 8) under LLP Act and Income Tax Return (ITR) with Income Tax Department every year whether the LLP do business or not. 

LLP Annual Compliance requirements are based on the date of registration of LLP.

A. LLP registered on or before 30th September 2019

Every LLP registered before 30th September 2019 has to file Annual Return (Form 11), Statement of Accounts (Form 8) and Income Tax Returns for the  year ended 31st March 2020.

B. LLP registered between 1st October 2019 to 31st March 2020

Every LLP registered between 1st October 2019 to 31st March 2020 has to file Income Tax Return for the year ended 31st March 2020.

Also, the designated partners of every LLP registered on or before 31st March 2020 has to file DIN KYC or the year 2019-2020.

LLP Annual Filing Calendar 2020

1. Registrar of Companies

Return / Form

Last date for filing

LLP Annual Return (Form 11)                                       

30 May 2020

DIN KYC for Partners.(Form DIR3-KYC)                           

30 September 2020

LLP Statement of Account & Solvency (Form 8)                       …

30 October 2020

2. Income Tax Department

Criteria
Last date for filing

If LLP Accounts is NOT required to be audited                           

31 August 2020

If LLP Accounts is required to be audited                              

30 September 2020

LLP Returns – Explained

A. Annual Return (Form 11)

Every LLP shall file an annual return in Form 11 within 60 days of closure of a financial year. The Annual Return contains details of LLP Registered office address, details of partners, details of designated partners, LLP contribution profit sharing ratio etc. So, the filing of Annual Return has to be done on or before 30th May of every year.

Penalty: Delay of filing Form 11 will attract a fine of is Rs.100 per day after the due date till the date of Filing.

B. Balance Sheet (Form 8)

Every LLP has to maintain books of accounts as per double entry system of accounting and has to prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March and shall file the same in Form 8 with the Registrar, within 30 days from the end of six months of the financial year.

Penalty: 

Delay of filing Form 8 will attract a fine of is Rs.100 per day after the due date till the date of Filing.

C. DIN KYC Filing (Form DIR3-eKYC)

Every Designated Partner of an LLP will have Directors Identification Number (DIN) allotted by the Ministry of Corporate Affairs (MCA). A person, who holds a DIN allotted on or before 31.03.2020 (LLP registered on or before 31.03.2020) has to file DIN KYC for the year 2019-2020 on before 30th September 2020.

Penalty: 

Delay in filing the DIR3-KYC will attract a fine of Rs.5000. Also, if the KYC is not filed before 30th September 2020, the DIN will be marked as as ‘deactivated’ with reason as ‘non-filing of DIR-3 KYC’. 

D. Income Tax Return (ITR)

As per Income Tax Act, an LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department before the due date for filing Income Tax Return. If the annual turnover of an LLP is more than one hundred lakhs rupees, the accounts have to be audited by a Chartered Accountant as required under Income Tax Act.

Penalty:

– Penalty in the range of ₹1000 to₹10000 depends on turnover and date of filing.

– Loss of the LLP for the respective financial year cannot be carried forwarded to the next year for setoff against Profits of future year.

– Penal interest will be charged for payment of taxes.

LLP Settlement Scheme 2020 for overdue LLP Returns

In case the LLP has defaulted in filing returns for the year 2018-19 or earlier years, the same will attract huge penalty as per the schedule of additional fee.

LLP Settlement Scheme – 2020 is a onetime relaxation scheme for waiver of additional fees to the defaulting LLPs to make good their default by filing pending documents without any additional Fee.

This scheme is available up to 30th September 2020 and is applicable to delay in filing the following forms:

  • – LLP Form 3:  LLP Agreement and changes therein
  • – LLP Form 8: Statement of Account & Solvency (Annual or Interim)
  • – LLP Form 11: Annual Return of LLP.

Defaulting LLPs can avail the scheme for filing documents which have not been filed or registered in time on payment of normal fee as applicable and there will be no Additional Fee or Penalty.

 

LLP Annual Filing 2020 – Requirements


Check the Date of Registration of LLP

Confirm the date of Registration of LLP to identify the compliance filing requirements of LLP for the year 2019-20.

Identify the due dates for Filings

It is important to identify the due dates for the required compliance filings to ensure timely filings to avoid penalties and related consequences.

Check the validity of Digital Signatures of Designated Partners

All the designated partners of LLP should have a valid Digital Signature Certificate (DSC) for e-filing of ROC Forms and Income Tax return. Also, the valid DSC should must be registered with MCA portal

Place order with CompaniesInn for timely filing.

Place order with CompaniesInn for the identified filings to ensure timely filing of due returns and avoid penalties and legal actions from regulatory authorities.

Process involved in LLP Annual Filing


Filing Annual Return (Form 11)

LLP Form 11 to be prepared based on details of LLP partners and Designed partners and changes among them during the year 2019-20.

Profit & Loss Account and Balance Sheet

Profit and Loss Account and Balance Sheet of LLP is to be prepared based on translations by carried by LLP for the year 2019-20. Incase of an LLP registered on or after 01.10.2018, the first year Balance Sheet to be prepared from the date of Incorporation to 31.03.2020 for filing with the Registrar of Companies (ROC). In case there is no business transactions during the period, a NIL Profit and Loss Account and Balance Sheet is to be prepared for filing with ROC.

LLP Form 8 Filing

LLP Form 8 is to be filed with ROC along with a copy of Profit and Loss Account and Balance Sheet.

DIN KYC for Designated Partners

DIN KYC is required to be filed with ROC with a copy of latest address proof and ID proof and valid Email ID and Phone number. Email ID and Phone number will be validated with an OTP system.

Income Tax Return (ITR)

Income Tax Return is required to be filed with the details from Profit and Loss Account.

Documents Required


LLP Annual Return

LLP Annual Return is prepared based on details of LLP Registered office address, details of partners, details of designated partners, LLP contribution profit sharing ratio etc.

Documents / Details required

  1. – LLP Incorporation Documents
  2. – LLP Agreement
  3. – Details of changes in LLP (If any)
  4. – Amended LLP Agreement (If any)
Form 8 ( Balance Sheet and Profit & Loss Account)

Balance sheet and profit and loss is prepared based on the books of the LLP maintained under respective rules

Documents / Details Required

  1. – Bank Statement of LLP for the period and details of transactions
  2. – Details of cash Transactions (if any)
  3. – Details of Previous Profit and Loss Account and Balance Sheet (if any)
DIN KYC

DIN KYC is to update the latest address and details of designated partners.

Details and Documents required

  1. – Latest Address / ID of Designated Partners
  2. – Valid Digital Signature of Designated partners
  3. – Valid Email ID and Phone number of Designated partners
  4. – OTP for Email / Phone validation

Benefits of LLP Annual Filing


Annual Return & Balance Sheet

Timely filing of LLP Annual Return & LLP Balance Sheet will avoid penalty of Rs.100/ per day for the delay in filing.

DIN KYC

DIN of the Designate partners will remain valid. If DIN KYC is not filed in time, the DIN will be deactivated and such person can not file any return with ROC on behalf of any LLP or Company where is designate partner / Director.

Income Tax Return

Timely filing of LLP ITR will avoid penalty for delay in filing the return and the Loss of LLP (if any) for the financial year can be carried forward to next years to setoff against future profits and the future tax liability can be reduced.

What is the financial year for an LLP?
Financial Year for an LLP means the period from 1st April of a year to the 31st March of the following year.
What is the due date of filing LLP Annual return – Form 11?
All LLPs shall file annual returns by 30th May of every year for the financial year ending on the 31st March of that year.
What is the due date for filing LLP Accounts – Form 8 ?
Every LLP shall file Statement of Accounts and Solvency by 30th October of every year for the financial year ending on 31st March of that year.
Is it mandatory to file the returns when LLP is not doing any business?
Filing of returns is mandatory whether the LLP has done any business or not.
Is account auditing mandatory for every LLP under LLP Act?
No. Audit of accounts is required only when an LLP’s turnover exceeds forty lakh rupees in any financial year, or when the contribution exceeds twenty-five lakh rupees.
What are the audit requirements applicable to LLP?
LLP Act: Audit of accounts is required under LLP Act when the turnover of LLP exceeds forty lakh rupees in any financial year or when the contribution exceeds twenty-five lakh rupees. Income Tax Act: Audit of accounts is required under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.
Is the filing of Statement of Accounts and Solvency the same as income tax return?
No. Filing Statement of Accounts and Solvency in Form 8 with the Registrar is as per LLP Act not under Income Tax Act. So, Income Tax return is to be filed separately.
Is the audit of accounts under LLP Act same as the audit under Income Tax Act?
No. Audit of accounts under LLP Act is different from audit under income tax Act.
Are there any certifications required for LLP returns?
In case of LLPs with turnover more than five crore rupees in a financial year or contribution more than fifty lakh rupees, the annual return shall be certified by a Company Secretary in Practice.
Who is responsible for filing the LLP returns?
The designated partners of LLP are responsible for filing the LLP returns
Is there any penalty for non-filing of Annul Return and Accounts?
Yes. If the filing is not made within the time stipulated, there will be a fine of is Rs.100 per day after the due date subject to a maximum of Rs.30000/-

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