A huge relaxation for LLPs in that the LLP annual return form-11 due date has been extended. LLP year-end return is a crucial return that LLPs must submit each year. The announcement of the due date extension with no additional cost is an opportunity to every company with LLP registration to ensure compliance to the laws and avoid costly penalties. This article reviews the most recent changes as the LLP annual return form 11 due date has been extended.
What's the LLP Annual Return Form 11?
The LLP Annual Return Form-11 is the the most basic annual return that firms that have LLC Registration are required to submit. Form 11 for annual returns is mandatory to file, even if the business does not operate or conduct any kind of business during the fiscal year.
The reason of filling out Form 11 is to file Form 11 is to prepare the annual tax return that is then confirmed through the RoL (Registrar of LLPs ) within 60 days of the close of the financial year.
The information required and Documents to file Annual Return Form-11
- LLP Identification Number
- Name of the firm
- Registered office address
- The Business Classification for the LLP (Business Profession, Occupation, Service, and Others)
- The principal business activities of the LLP
- Information about Designated Partners and Partners
- The total obligation to contribute of partners
- The total amount of contribution received by all partners
- The Summary of Designated Partners and Partners
- Specifics of the penalties imposed on the LLP in the event of there are any.
- Specifics of compounding offenses in the event of there is
- The details of LLP or the company where the Partner/Designated Partner is Director or Partner (It is mandatory to add this information in the event that a Designated Partner is a Partner in any LLP or Director in any firm)
Things to consider concerning LLP Annual Return Form 11
- You must possess an Digital Signature Certificate of the partner who is designated in order to be able to complete this LLP Annual Return Form-11.
- The Form 4. (Notice of appointmentor cessation or change in designation of named partner) must be paid for and processed as quickly as is feasible prior to making LLP Annual Return Form-11.
- You need to have LLPIN (Limited Liability Partnership Identification number) in your pocket.
- Within 60 days of the close of the financial period, LLP Annual Return Form 11 must be completed. Since the close of fiscal year in all LLPs takes place on March 31 and the LLP Annual Report Form 11 must be filed on the 31st day of May every year.
- If LLP The Form 11 Annual Return has not been submitted by the 31st of May the penalty of Rs.100 each day is assessed until the issue is addressed.
- Because there isn't an upper limit on the penalty, it will go expanding as time goes by.
- Therefore, submitting your annually on time the annual return FORM-11 is crucial for you to not pay large penalty.
Latest Updates: MCA Extends LLP Form-11 Due Date till 30th June, 2022
The circular says it states that "This Ministry has received representation asking for an extension of the deadline to file an Annual Report (Form 11) by LLPs without additional charges. With regard to the transition from version 2 of MCA-21 to version-3 , and to encourage compliance on the part of LLPs the Ministry has agreed to allow LLPs to file an electronic form 11 (Annual Report of Limited Liability Partnership) for the Financial Year 2021-2022 without paying additional fees until the 30th June, 2022."
Information Source: MCA Notification
Conclusion
In conclusion, the announcement regarding LLP Annual Return Form-11's due date being extended is a relief for companies. LLP Companies that are registered should take advantage of this opportunity to benefit at first opportunity to avoid last-minute stress and costly fines.
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