Have you not filed LLP Form 11 for the financial year 2020 yet? Well, hurry up and file it with ROC before you miss the window of last date! Every LLP registered in India is required to file form 11 within 60 days from the closure of the financial year i.e before 30th May every year.
If filed within time then the fee is very minimal but if delay of even one day takes place; then the penalty meter starts ticking!
Let’s take an example:
If XYZ Services LLP incorporated on 16/06/2019 (FY 2019-20) is having capital Contribution of Rs. 1 Lakh, then it will incur following filing fees on given dates:
1. Filed on 30/05/2020: Rs.50
2. Filed on 30/06/2020:Rs.50 + Rs.3,000 (Additional Fee for Delay of 30 Days)
3. Filed on 30/10/2020:Rs.50 + Rs.15,200 (Additional Fee for Delay of 152 Days)
4. Filed on 30/03/2021:Rs.50 + Rs. 30,300 (Additional Fee for Delay of 303 Days)
And the penalties will keep on increasing until default is made good……….
MCA UPDATE: Under the Revised LLP Settlement Scheme, 2020, LLPs can now filing any return which is pending till 31st August, 2020 till 30th Septemeber, 2020 at NO ADDITIONAL FEE!
A little relief to Businessmen who wants to close there LLP: Now file Due Annual Filing ONLY until the financial year in which LLP was last operational! Haven’t started your business after LLP Formation ? Then, close your LLP without having to file any pending returns!
You may also want to read the following FAQs on LLP Filing to clear any doubts before filing the Form 11 LLP:
What is LLP Form 11 and what does it contain?
LLP Form 11 is an Annual Filing Form; to be filed with ROC every year. It is Annual Return of the LLP. This Form contains details in respect to the number of Partners, Designated Partners, Body Corporate as Partner, Amount of contribution obligation and actually received from Partners, Designated Partners and summary of Partners and Designated Partners as on 31st March of the period for which annual return is being filed.
What are the requirements for filing the Annual Return and what shall be the Form 11 Attachment?
*Digital Signature of Both Designated Partners and knowledge of basic details of the LLP.
* If the total contribution of partners of LLP exceeds Rs. 50 Lakhs or Turnover of LLP exceeds Rs. 5 Crore then certification by Practising Company Secretary will be Mandatory.
List of Companies/ LLPs in which Partners or Designated Partners are Directors/ Partners.
What is Form 11 Due date for filing?
For the Financial year ending 31st March 2020; LLP Form 11 due date is 30th May 2020
Who is required to file Form 11?
Every LLP existing or incorporated on or before 30th September 2019 shall have to file Form 11 before 30th May 2020.
Who are exempt from Filing Form 11 LLP?
LLPs incorporated on or after 1st October 2019 shall be exempted from filing Form 11 for the financial year ended 31st March 2020.
Can Form 11 of LLP be revised once it has been filed?
No, there are no options or provisions available to revise Form 11 of LLP once it is filed to ROC.
What are the LLP Form 11 Fees?
Filing Fees for Form 11 depend on upon the Capital Contribution structure of the LLP. You can compute and check the fees to be paid by your LLP here.
What shall be the Penalty for non-filing of Annual Return or LLP Form 11?
If LLP fails to file form 11 within the prescribed time; then the Designated Partners shall be liable to punishment by fine which shall be at least Rs. 25,000 but which may extent to Rs. 5, 00,000. Delayed filing will also lead to severe additional fees.
Hence; to round up this post: The Clock is ticking! File the LLP Form 11 today! ( if not done already) to avoid facing consequences of heavy penalties.
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Also, if you have any queries on the subject do leave a reply; we will surely get back to you!
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