LLP ROC Return Filing for F.Y. 2023-24

 

For Limited Liability Partnerships (LLPs) in India, the ROC (Registrar of Companies) return filing for the financial year 2023-24 involves submitting various forms and documents to the Ministry of Corporate Affairs (MCA). Here is a detailed guide on what needs to be done:

Understanding LLP ROC Return Filing

LLP ROC return filing is a crucial compliance requirement for LLPs in India. The Registrar of Companies (ROC) mandates that LLPs file their annual returns and financial statements with the Ministry of Corporate Affairs to ensure transparency and accountability in business operations.

1. Annual Return (Form 11)

Form 11 is the annual return that contains details of the LLP's partners and their contribution, among other information. It must be filed every year.

  • Due Date: Within 60 days from the end of the financial year (i.e., by May 30, 2024).
  • Details Required:
    • Number of partners.
    • Total contribution received by all partners.
    • Details of penalties, if any, imposed on the LLP or its partners.

2. Statement of Account & Solvency (Form 8)

Form 8 is a declaration about the solvency of the LLP and a statement of its accounts.

  • Due Date: Within 30 days from the end of six months of the financial year (i.e., by October 30, 2024).
  • Details Required:
    • Statement of assets and liabilities.
    • Statement of income and expenditure.
    • Declaration on the solvency of the LLP.

3. Income Tax Return

LLPs are also required to file an income tax return with the Income Tax Department.

  • Due Date:
    • For LLPs not requiring audit: July 31, 2024.
    • For LLPs requiring audit: September 30, 2024.
  • Details Required:
    • Financial statements.
    • Audit report, if applicable.

4. Additional Compliances

Depending on the nature of business and other specific criteria, LLPs might have additional compliance requirements such as GST returns, TDS returns, etc.

Steps to File ROC Returns

  1. Prepare Financial Statements:
    • Ensure that the financial statements are prepared in accordance with the prescribed accounting standards.
  2. Conduct Audit (if applicable):
    • If the turnover exceeds ₹40 lakhs or the contribution exceeds ₹25 lakhs, an audit is mandatory.
  3. Filing Form 11:
    • Log in to the MCA portal.
    • Fill in the details in Form 11 and submit it electronically.
  4. Filing Form 8:
    • Log in to the MCA portal.
    • Fill in the details in Form 8, attach the necessary documents, and submit it electronically.
  5. Income Tax Filing:
    • Prepare the income tax return using the financial statements.
    • File the return through the Income Tax Department’s e-filing portal.

Penalties for Non-Compliance

Failing to file the returns on time can attract significant penalties:

  • Form 11: ₹100 per day until the date of filing.
  • Form 8: ₹100 per day until the date of filing.
  • Income Tax Return: Penalties and interest for late filing, depending on the delay.

Benefits of Timely ROC Return Filing

Filing your LLP ROC returns for the financial year 2023-24 on time offers several benefits, including:

  • Avoiding Penalties: Timely filing helps you avoid penalties and legal repercussions for non-compliance with ROC regulations.
  • Maintaining Good Standing: Regular ROC return filing demonstrates your LLP's commitment to transparency and compliance, enhancing its reputation.
  • Access to Funding: Lenders and investors prefer to work with LLPs that have a clean compliance record, making timely ROC return filing essential for accessing funding opportunities.

Conclusion

Ensure that all returns are filed timely to avoid penalties and ensure compliance with Indian laws. It might be beneficial to consult with a chartered accountant or a professional service provider to handle the filings accurately and efficiently.

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Location: India

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