LLP Annual Return Filing
Online filing of Form 11, 8 & ITR
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Every LLP registered in India must submit the ROC Annual Return and file the Income Tax Return for the LLP. Filing of Form 11 (Annual Return of LLP) and Form 8 (LLP Financial Statement) with the ROC is mandatory. zeroBrokagetax provides cost-effective and timely LLP annual compliance filing services.
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LLP Annual Compliance - Everything You Need To Know
A Limited Liability Partnership (LLP) is a legal entity regulated under the LLP Act 2008. LLPs are, therefore, required to file annual returns to the Registrar of Companies (ROC) after the end of every financial year. The LLP must also file an Income Tax Return (ITR) for the LLP under the Income Tax Act on or before the due dates. zeroBrokagetax offers services to file the LLP Annual Returns at a reasonable charge and ensure accurate and timely filing. Our compliance advisors are readily available to assist you with your questions.
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Due Dates of LLP Annual Return & ITR
LLP ITR Due Date: The due date for filing the income tax return (ITR) for the LLP is fixed on or before 31 July after the end of the financial year. For example, the due date to file the LLP ITR for FY 2023-24 is 31 July 2024. The LLP and their designated partners are advised to file the ITR well before its due date to avoid glitches in the income tax department server load time.
| S.No. | Name of Return | Due Date for FY 2023-24 | FY 2023-24 September 2023 | 30th September 20 1st October 2023 |
|---|---|---|---|---|
| 1 | Optional | Optional | Optional | Optional |
| 2 | Varies from state to state and on the proposed capital | Optional | Optional | Optional |
| 3 | Varies from state to state and on the proposed capitalm, accusamus! Eius? | Optional | Optional | Optional |
| 4 | Varies from state to state and on the proposed capital | Optional | Optional | Optional |
| 5 | Optional | Optional | Optional | Optional |
Incorporation on Communication Address:
In India, entrepreneurs starting a new business can begin their company registration process with a “communication address” even before securing a permanent office. This temporary address helps you start the formalities while searching for the ideal premises. It’s essential to remember that within 30 days of incorporation, you need to establish a physical “registered office” in the same state and file Form INC-22 with the Registrar of Companies (ROC) to report the official address change.
Step-Wise Process of LLP Annual Return Filing
The annual return filing for the LLP is mandatory for every LLP incorporated during the previous financial year. For instance, the LLP incorporated on or before 31 March 2024 is required to file its annual returns during FY 2024-25 within the prescribed due dates. Team zeroBrokagetax is here to assist. The following are the steps required to file the annual return for the LLP.
Step-1: Documentation
The documents required for GST Registration are based on the type of entity and the nature of its business activity. It is extremely important that all the documents required for online GST registration are prepared beforehand. This helps avoid any hindrance in the application process later. A complete list of such documents is mentioned in the section above.
Step-2: Register on the GST Portal
GST registration for new business is an application-based process. The first part of the application seeks basic registration details. This includes type of entity, name of entity, PAN number, and the state / UT where the business operates. Providing these details enables successful registration on the GST Portal.
Step-3: OTP-based Verification
GST Registration in India is a PAN-based process. The applicant must provide his PAN details in the first part of the application. As mentioned earlier, the PAN must be linked to the applicant’s Aadhar, mobile number and email address for OTP verification.
Step-4: TRN Generation
As soon as the PAN is entered, an OTP is sent to the linked mobile number and email address. After furnishing the two OTPs successfully, a Temporary Reference Number or TRN is generated. You can use the TRN for completing the application form further. Note that the TRN will be valid for 15 days only, so the process must be completed within this time period.
Step-5: Complete the GST Application Form
Sign in to the GST portal using the TRN and access the GST REG-01 application form. Complete the form by filling in the requisite details and uploading the requisite documents. This includes information about the business, promoters/partners, location of the business, products/services, and authorised individuals. Upon completing the form, verify it using the authorised signatory’s DSC or EVC.
Step-6: Issuance of GSTIN
Under the LLP Act, 2008, every LLP incorporated in India is required to file an annual return with the ROC in the online form 11 with digital authentication. The process of filing Form 11 is completely Online. Form 11 needs to be filed within 60 days of the closure of the financial year, i.e., by 30th May of each year for the preceding financial year. This annual filing obligation is mandatory for all LLPs, regardless of business transactions, turnover, or activities. However, for newly incorporated LLPs which was in existence for less than 180 days in the preceding financial year, For example, for the LLPs incorporated between 1st October 2023 and 31st March 2024, the filing of Form 11 would be optional.
What is Form 11 (Annual Return of LLP)
The branch office of foreign corporations is subject to a higher rate of base income tax of 40% in comparison to domestic companies or the subsidiary of foreign companies, which is subject to tax at 15-22% plus an applicable surcharge. The Branch office is taxed for the Income Received or accrued in India in the capacity of the foreign company’s Permanent Establishment (PE). The following shall be the net Tax rate after considering the surcharge and cess.
| Late Fee |
|
||||
|---|---|---|---|---|---|
| Due Date | Varies from state to state and on the proposed capital | ||||
| Filing Mode | Varies from state to state and on the proposed capitalm, accusamus! Eius? | ||||
| ROC Fee | Varies from state to state and on the proposed capital | ||||
What is Form 8 for LLP?
All LLPs, irrespective of their turnover or business activity, have to file the Statement of Account & Solvency of the LLP in Form 8 on or before its due date of filing, i.e., 30th October for the preceding financial year. The purpose of Form 8 is to report the financial statement of the LLP and a declaration that the LLP is solvent and can meet its liabilities. The designated partners are responsible under the law to prepare the financial statement for the LLP.
As no specific format is prescribed under the LLP Act, the guidelines framed by the Institute of Chartered Accountants of India (ICAI) should be adhered to for the purpose of preparing the financial statement of the LLP. At least two designated partners and the auditor, in case the statutory audit is applicable to the LLP, should sign the financial statement.
| Late Fee |
|
||||
|---|---|---|---|---|---|
| Applicability | Varies from state to state and on the proposed capital | ||||
| Due Date | Varies from state to state and on the proposed capitalm, accusamus! Eius? | ||||
| Filing Mode | Varies from state to state and on the proposed capital | ||||
ROC Filing Fee for Form 11 or/and Form 8
The LLPs are expected to file their annual returns to the ROC within its due date; zeroBrokagetax assists in the preparation and timely filing of all the annual compliance filing for the LLP. The table below provides the standard ROC filing fee for the LLP relating to the filing of Forms 11 and 8, which depends on the capital contribution of the LLP.
| S.No. | Contribution Amount (INR) | Normal Filing Fee |
|---|---|---|
| 1 | Optional | Optional |
| 2 | Varies from state to state and on the proposed capital | Optional |
| 3 | Varies from state to state and on the proposed capitalm, accusamus! Eius? | Optional |
| 4 | Varies from state to state and on the proposed capital | Optional |
| 5 | Optional | Optional |
Late Filing With Additional Fee
In case the LLP cannot file the annual return in Form 11 or the financial statement in Form 8, it can still be submitted with an additional fee, as per the table below, which calculatesthe additional fee as The number of times of the normal filing fee,to be paid for late filing based on the number of days of delay and the type of the LLP.
| S.No. | Period of Delay | Small LLP | Small LLP |
|---|---|---|---|
| 1 | Optional | Optional | Optional |
| 2 | Varies from state to state and on the proposed capital | Optional | Optional |
| 3 | Varies from state to state Eius? | Optional | Optional |
| 4 | Varies from state to state and on the proposed capital | Optional | Optional |
| 5 | Optional | Optional | Optional |
What is a Small LLP
The LLPs are expected to file their annual returns to the ROC within its due date; zeroBrokagetax assists in the preparation and timely filing of all the annual compliance filing for the LLP. The table below provides the standard ROC filing fee for the LLP relating to the filing of Forms 11 and 8, which depends on the capital contribution of the LLP.
| S.No. | Criteria | Qualifying Limit |
|---|---|---|
| 1 | Optional | Optional |
| 2 | Varies from state to state and on the proposed capital | Optional |
| 3 | Varies from state to state and on the proposed capitalm, accusamus! Eius? | Optional |
| 4 | Varies from state to state and on the proposed capital | Optional |
| 5 | Optional | Optional |
Incorporation on Communication Address:
In India, entrepreneurs starting a new business can begin their company registration process with a “communication address” even before securing a permanent office. This temporary address helps you start the formalities while searching for the ideal premises. It’s essential to remember that within 30 days of incorporation, you need to establish a physical “registered office” in the same state and file Form INC-22 with the Registrar of Companies (ROC) to report the official address change.
Income Tax Return (ITR) of the LLP
As per the Income Tax Act, an LLP is a taxable entity and is treated similarly to a partnership firm. The Income Tax Return (ITR) filing for the assessment year 2024-25 is due and obligatory for all LLPs established on or before 31st March 2024 (FY 2023-24). The last date to file the LLP ITR is 30th July 2024 for FY 2023-24. The following steps detail the process required for filing your LLP’s ITR
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