Explore the significance of LLP ITR Due Date, unraveling compliance intricacies and demystifying the process of Annual Return Filing for seamless financial governance.
LLP Annual Return Filing Compliance, A limited liability partnership is one in which all or some of the partners are only liable for their own actions. Every LLP that is registered with the Ministry of Corporate Affairs is required to file annual returns and statements of accounts on an annual Nbasis. Let’s have a look at LLP ITR due date and it’s compliance
LLP Annual Return Filing Due Date
Filing of annual return (Form 11)
Statement of Accounts (Form-8) Filing
Every LLP must prepare and close its accounts by the 31 March of each year. Within 30 days after the end of the financial year, at least two designated partners must file Form 8 with the Registrar. As a result, the deadline for LLP Annual Filing Compliance accounts is 30 October each year.
Do I File Returns for LLP if No Business Activity?
Yes, even if the LLP is not conducting business, it is required to maintain compliance with company registration regulations by issuing annual returns and financial statements to the Ministry. Even NIL returns are a mandate to file because it is a legal requirement stemming from the initial company registration terms.
Is Audit Mandatory for LLP ?
Only those LLPs with an annual turnover of more than ₹40 lakhs or a contribution of more than ₹25 lakhs are required to have their accounts audited under the LLP Act.
What are the mandatory annual compliances of LLP?
Income Tax Return
Audit under Income-tax Act
Under section 44AB of the Income-tax Act, every LLP whose turnover exceeds ₹2 crores in the case of a business or ₹50 lakhs in the case of a profession is required to have its books of accounts tax audited. The audit must be completed and filed by 30 September.
Consequences of Delayed LLP Return Filing
Suppose the filing is not completed within the specified time. In that case, a penalty of ₹100 per day will be imposed until it is completed. The closure or wind up your LLP registration without filing Annual Accounts. In addition, until you file all required returns, your LLP Annual Return Filing Compliance becomes subject to unlimited statutory liability.
LLP Compliance Calendar quick reference:
| Form Type | Described | Due date | To be filed with |
| Form-8 | Filing of statement of accounts | 30th October | Registrar of Companies |
| Form-11 | Filing of annual returns | 30th May | Registrar of Companies |
| ITR -5 | Income tax return | 31st July (or 30th September, if tax audit is mandatory) | Income tax department |
| Audit | Tax audit ( if applicable) | 30th September | Income tax department |
FAQs
When is the due date for filing LLP ITR in India?
The due date for filing LLP Income Tax Return (ITR) in India is typically July 31st of the assessment year for LLPs whose accounts are not required to be audited under the Income Tax Act, 1961. For LLPs whose accounts are subject to audit, the due date is September 30th.
Do all LLPs need to file ITR?
Yes, all Limited Liability Partnerships (LLPs) registered in India are required to file Income Tax Returns (ITRs) annually, regardless of whether they have taxable income or not.
What documents are required for LLP ITR filing?
The documents required for LLP Income Tax Return (ITR) filing include:
- Financial statements, such as the Balance Sheet, Profit and Loss Account, and Auditor's Report (if applicable).
- Details of partners, including their PAN (Permanent Account Number) and capital contributions.
- Bank statements and supporting documents for income and expenses.
- Any other relevant documents related to income, deductions, taxes paid, etc.
What happens if I miss the LLP ITR deadline?
If you miss the LLP Income Tax Return (ITR) filing deadline, you may be subject to penalties and late fees imposed by the Income Tax Department. The penalty for late filing can range from ₹5,000 to ₹10,000, depending on the delay. Additionally, interest may be levied on any outstanding tax liability.
What is the due date for filing LLP Annual Return?
The due date for filing LLP Annual Return in India is typically May 30th of each financial year. However, LLPs may have an extension of 60 days from the end of the financial year in certain cases.
