Certainly! Here’s a detailed guide focused on the important statutory due dates for LLP (Limited Liability Partnership) annual filing for the Financial Year (FY) 2023-24 in India.
Important Statutory Due Dates for LLP Annual Filing FY 2023-24
1. Annual Return (Form 11)
Due Date: May 30, 2024
Details:
- Who Needs to File: Every LLP registered in India.
- What to File: Form 11 is an annual return providing details about the LLP’s partners and their contribution.
- Penalty for Late Filing: Rs. 100 per day till the default continues, with no upper limit.
2. Statement of Accounts and Solvency (Form 8)
Due Date: October 30, 2024
Details:
- Who Needs to File: Every LLP registered in India.
- What to File: Form 8 includes a declaration on the solvency of the LLP and a statement of assets and liabilities and income and expenditure.
- Requirements:
- The form needs to be signed by two designated partners.
- Must be certified by a Chartered Accountant (CA), Company Secretary (CS), or Cost Accountant (CMA).
- Penalty for Late Filing: Rs. 100 per day till the default continues, with no upper limit.
3. Income Tax Return (ITR)
Due Date: July 31, 2024 (for LLPs not requiring audit) Extended Due Date: September 30, 2024 (for LLPs requiring audit)
Details:
- Who Needs to File: Every LLP registered in India.
- What to File: LLPs must file their income tax returns electronically with a digital signature.
- Tax Audit Requirement: LLPs with turnover exceeding Rs. 1 crore in any financial year are required to get their accounts audited under the Income Tax Act.
- Penalty for Late Filing:
- Up to Rs. 5,000 if filed after the due date but before December 31.
- Up to Rs. 10,000 if filed after December 31.
- If the total income does not exceed Rs. 5 lakhs, the maximum penalty is Rs. 1,000.
4. GST Annual Return (GSTR-9)
Due Date: December 31, 2024
Details:
- Who Needs to File: LLPs registered under GST and having an aggregate turnover of more than Rs. 2 crores.
- What to File: GSTR-9 is a consolidated return for the entire year, summarizing the annual sales, purchases, and tax details.
- Penalty for Late Filing: Late fees of Rs. 200 per day (Rs. 100 each for CGST and SGST) subject to a maximum of 0.25% of the turnover in the state or union territory.
5. GST Audit and Reconciliation Statement (GSTR-9C)
Due Date: December 31, 2024
Details:
- Who Needs to File: LLPs with an aggregate turnover exceeding Rs. 5 crores.
- What to File: GSTR-9C is a reconciliation statement audited by a CA or CMA, comparing the figures declared in the GSTR-9 with the audited annual financial statements.
- Penalty for Late Filing: Similar penalties as applicable for GSTR-9 filing.
Additional Compliance Considerations
- DSC Renewal: Ensure the Digital Signature Certificates (DSC) of designated partners are renewed timely, as they are necessary for filing.
- Books of Accounts: LLPs must maintain proper books of accounts either at their registered office or any other place decided by the partners.
- Minutes of Meetings: Maintain minutes of meetings held between partners to discuss various business decisions and operations.
Key Points to Remember
- Timely compliance avoids hefty penalties.
- Regularly check updates from the Ministry of Corporate Affairs (MCA) and Income Tax Department for any changes in due dates or requirements.
- Use professional help from Chartered Accountants (CA), Company Secretaries (CS), or Cost Accountants (CMA) to ensure proper compliance.
- Make use of reminders and alerts to keep track of due dates and filing requirements.
By adhering to these statutory due dates, LLPs can ensure compliance with legal requirements and avoid penalties. It’s crucial to plan in advance and prepare all necessary documentation to meet these deadlines effectively.
Comprehensive Guide to Key Statutory Due Dates for LLP Annual Filing FY 2023-24