For Limited Liability Partnerships (LLPs), adhering to annual compliance requirements is crucial for maintaining good standing and avoiding penalties. Here’s a comprehensive guide to the key ROC due dates for LLPs for the financial year 2023-24.
1. Form 11 (LLP Annual Return)
Due Date: 30th May 2024
Form 11 is the annual return that every LLP must file within 60 days from the close of the financial year. This form captures the details of partners and any changes in the management structure during the year. Timely filing ensures compliance with the LLP Act, 2008.
2. Form 8 (Statement of Account & Solvency)
Due Date: 30th October 2024
Form 8 is a crucial filing that includes the statement of accounts and solvency of the LLP. It must be filed within 30 days from the end of six months of the financial year. This document is essential for declaring the financial status and solvency of the LLP, ensuring transparency and accountability.
3. Form DIR-3 KYC (Designated Partner KYC)
Due Date: 30th September 2024
All designated partners in an LLP must file Form DIR-3 KYC to update their KYC details annually. This form helps in verifying the identity of the partners and is mandatory to keep the LLP’s records up-to-date.
4. Income Tax Return
Due Dates:
- 31st July 2024 (for LLPs not covered under audit)
- 31st October 2024 (for LLPs covered under audit)
Filing an income tax return is obligatory for all LLPs. The due date varies depending on whether the LLP is subject to an audit. For those not covered under audit, the return must be filed by 31st July 2024. For LLPs requiring an audit, the deadline extends to 31st October 2024.
5. Audit under LLP Act
Due Date: Before filing Income Tax Return
If an LLP’s annual turnover exceeds Rs. 40 lakhs or the partners’ obligation of contribution exceeds Rs. 25 lakhs, an audit under the LLP Act is mandatory. The audit must be completed before filing the income tax return to ensure the financial statements reflect the audited figures.
6. Tax Audit
Due Date: 30th September 2024
A tax audit is required if an LLP’s turnover exceeds Rs. 1 crore in general or Rs. 5 crores in specific conditions as per the latest amendments. This audit ensures that all financial transactions comply with the tax laws and regulations.
Importance of Meeting Compliance Deadlines
Meeting these compliance deadlines is vital for several reasons:
Avoidance of Penalties: Missing deadlines can result in significant fines and penalties, impacting the financial health of the LLP.
Maintaining Good Standing: Regular compliance ensures that the LLP maintains good standing with the Registrar of Companies (ROC) and other regulatory bodies.
Financial Transparency: Timely filing of financial documents promotes transparency and trust among partners, investors, and stakeholders.
Legal Compliance: Adhering to the regulatory requirements helps in avoiding legal issues and ensures smooth business operations.
Conclusion
Adhering to these compliance requirements and deadlines is not just a regulatory obligation but also a best practice for maintaining the integrity and credibility of the LLP. Mark these dates on your calendar and ensure timely filings to keep your LLP in good standing.
Stay compliant, stay ahead!
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Quid Solutions LLP
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