LLP Annual Filings 2016

LLP Annual Filing Requirements 2016

(A) LLP (Annual Return) Due Date is 31st May 2016 in Form -11

(B) LLP ( Statement of Accounts ans Solvency) Due Date is 30th October 2016    in FORM-8

(C) LLP Income tax return

REGISTRAR OF LLP	Last Date for Filing
1) Annual Return (Form-11)	31-May-16
2) Accounts (Form-8)	30-Oct-16
INCOME TAX RETURN	Last Date for Filing
1) In case Audit is not required	31-Jul-16
2) In case Audit Is required	30-Sep-16

(A) LLP Annual returns

It is mandatory for every LLP registered on mca portal  to file returns for the year ending 31.03.2016 (within 60 days from the date of closure of Financial year i.e. 31st may'16) whether the LLP has done any business or not.

(B) LLP (Accounts)

The Statement of Accounts (Form 8) is the summary of Financial Transactions such as Assets / Liabilities and Income and Expenditure details of LLP. Every LLP has to close its books of accounts as on 31st March every year and prepare a Statement of Accounts (Profit and Loss Account and Balance Sheet) and has to file the same with Registrar of LLP and Income Tax Authorities. So, the statement of Accounts is to be filed on or before 30th October every year.

(C) Income tax Returns

An LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act as well.

Penalty for Non-Compliance

Please take note that delay in filing the forms would lead to heavy penalty. As per LLP Act, 2008, you would be penalised Rs.100 each day of default.

So if you don’t file on time, your LLP turns into unlimited statutory liability till the day it is complied.To avoid all the dangerous consequences of heavy penalty, it would be advisable to comply on time within stipulated due date of filing.

For more details, contact CS Neha Seth at csnehaseth@gmail,com