- May 17, 2023
- Posted by: Advince
- Categories: Blogs, India Taxation
Form 11 is due on 30th May of each year : All LLPs registered under Limited Liability Act, 2008 must file two forms: Form 11 and Form 8.
Annual Return: Form 11 is to be submitted within 60 days (about 2 months) of closure of the budget year i.e., 30th May of each year. (Financial year closes on 31st March.)
Statement of Account and Solvency: Form 8 is to be submitted within 30 days (about 4 and a half weeks) from the expiry of six months from the closure of the budget year i.e., 30th October of each year.
This article covers the requirements for filing Form 11- Annual Return. Also, we have given in brief here the important aspects to note while filing Form 11.
What is Form 11 and how to file it?
Form 11 is an annual return to be filled by all LLPs regardless of turnover during the year. Even when an LLP does not carry out any operations or business during the budget year, Form 11 needs to be filed. Apart from Basic information about Name, Address of LLP, details of Partners/ Designated Partners, other details that need to be declared are:
• Total contribution by/to partners of the LLP
• Details of notices received towards Penalties imposed / compounding offenses committed during the budget year
It must be e-filed on the MCA portal. The e-form must be downloaded and filled in offline mode. The pre-fill option is available to minimize your efforts and the Pre-scrutiny button is present to validate the data filled in. This is done before you submit the form online.
What are the prerequisites?
• LLPIN (Limited Liability Partnership Identification number) allotted to the LLP is needed to pre-fill the basic data.
• Declaration about contribution/sums received by all the partners of the LLP
• Payment of fees with respect to e-Form 4 (Notice of appointment, cessation, and change in designation of a designated partner or partner) and processing of e-form 4 should be completed (If applicable).
• Get DSC of your Designated Partner ready!
What are the Documents to be submitted along with Form 11?
• Details of LLP and/ or company in which partners/ designated partners (DP) are directors/ partners (It is mandatory to attach these details in case any partner/ DP is a partner in any LLP and/ or director in any other company)
• Any other information can be provided as an optional attachment to this e-Form
Important Aspects to note while filing Annual return for LLP
Some of the important pointers that all LLPs must make note of while filing the 5-page Form 11 are as follows:
• Using the pre-scrutiny button available on the Form can help validate the data entered. This will help in processing the data error-free (Without mistakes).
• Wherever figures are declared in the forms, these must be entered as they stand on 31st March.
• Details of LLP and/ or company in which partners/ designated partners (DP) is/are directors/ partner. (It is mandatory to attach this detail in case any partner/ DP is a partner in any LLP and/ or director in any other company).
• The e-form needs certification of a practicing Company Secretary compulsorily if either of the following conditions is satisfied:
> Total contribution made by Partners is more than Rs. 50 lakhs
> The turnover of LLP is more than Rs. 5 crores
If figures are within/less than the above limits, then the designated partner themselves can certify the e-form.
What are the consequences of late filing Form 11?
Late Fees: Penalty of Rs. 100 per day is chargeable till the date of filing.