The relaxation in additional fees on delay in filing Form 11 by LLPs till 30th June 2022 which is notified by the Ministry of Corporate Affairs (MCA). MCA represented an extension on the timeline for filing the Annual Return of Form 11 by LLPs and did not pay any additional fees. In view of the transition which was from version-2 to version-3 of MCA and to promote compliance on the part of Limited Liability Partnership when it was decided to allow to file the e-Form 11 of Annual Return by the LLP for the Financial Year 2021-22 without paying any additional fees up to 30th June 2022. The return must be e-filed with the Ministry of Corporate Affairs to avoid the penalties and to maintain compliance. The LLP annual return must be filed in electronic form then it was recorded.
Introduction
According to the Limited Liability Partnership Act, 2008 formed a corporate entity which is called Limited Liability Partnership (LLP). Like a company, LLP has a separate legal identity from its partner. It is the only type of partnership that offers limited liability protection for the partners and in the LLP one partner is not liable for misconduct or negligence which is done by another partner. LLP also must file an income tax return each year because it is a separate legal entity. It is also levied the income tax return in the same manner as partnership firms. . It is important to keep a track of all eloquent statutory due dates for LLP Annual Filing which includes ROC Filing for LLP, Income Tax Filing for LLP, and GST filing for Limited Liability Partnership. It is very critical for an LLP to be well prepared for all the ROC and other compliances to be met in a particular Financial Year. We have prepared a calendar for the due dates for LLP Annual Filing for Financial Year 2021-22(The assessment Year 2022-23).
LLP Annual Filing
It is very important for Limited Liability Partnership to prepare the Annual ROC Forms and it is submitted to the Registrar of the companies. Every year, an LLP is required to file two types of ROC Forms. They are given the following:
Form LLP 11:- It is an Annual Return of an LLP that needs to be filed within the period of 60 days from the end of the financial year.
Form LLP 8:- It is a statement of Account and solvency within 30 days from the end of the 6 months of the closing of a financial year.
It is essential to comply with the statutory requirements such as Annual Return, Income Tax Return, Profit and Loss Account, etc. for every Limited Liability Partnership, but it does not do any business.
LLP and companies are required to maintain their Financial Year from 1st April to 31st March.
Required Documents to file Annual Return of LLP Form 11:
They required some important documents to file Annual Return form 11 which are mentioned below:
LLP Identification Number
Name of the Firm
Registered office address
Business Classification of the LLP (Business, Profession, Service, Occupation, Others)
Principal business activities of the LLP
Details of Designated Partners and Partners
Total obligation of the contribution of partners
Total contribution received by all partners
Summary of Designated Partners and Partners
Minimum Alternate Tax (MAT) for LLP
LLP pays income tax return the same as the company, it is also subject to Minimum Alternate Tax (MAT). The minimum alternate tax is applicable of 18.5% is adjustable to the total income of LLP. Hence, LLP pay income tax return cannot be less than 18.5% which is increased by income tax surcharge, education cess, and others.
LLP Tax Audit Limit
A practicing chartered accountant to get required audited when the turnover of LLP exceeded Rs.40 Lakh or whose contribution exceeded Rs.25 Lakh. The last date for filing Income Tax Return by LLPs for the financial year 2021-22 does not require a Tax Audit then the last date is 31st July 2022 and if Tax Audit is required then the due date for filing ITR for LLP is 30th September 2022.
Conclusion
It concluded that LLP also must file an income tax return each year because it is a separate legal entity. It also levied the income tax return in the same manner as partnership firms. It is important to keep a track of all eloquent statutory due dates for LLP Annual Filing which includes ROC Filing for LLP, Income Tax Filing for LLP, and GST filing for Limited Liability Partnership. It is very critical for an LLP to be well prepared for all the ROC and other compliances to be met in a particular Financial Year. We have prepared a calendar for the due dates for LLP Annual Filing for Financial Year 2021-22(The assessment Year 2022-23). In view of the transition which was from version-2 to version-3 of MCA and to promote compliance on the part of Limited Liability Partnership when it was decided to allow to file the e-Form 11 of Annual Return by the LLP for the Financial Year 2021-22 without paying any additional fees up to 30th June 2022.
eStartIndia will help you file LLP Annual Return From 11 from the comfort of your home.
Author:
Leave a Comment
Previous Comments