Compliance Calendar for May, 2017

Compliance Calendar for May, 2017

  1. 6th May, 2017
    • Service Tax payment for the month of April, 2017 (exception: Individuals, Proprietors and Partnership firm)
  2. 7th May, 2017
    • TDS and TCS to be deposited for the month of April, 2017
  3. 15th May, 2017
    • Last date for Quarterly Statement of TCS (Form No. 27EQ)
  4. 30th May, 2017
    • Last date for Quarterly Statement of TDS (Form No. 26QB)
    • Quarterly TCS statement to be collected for Quarter ending March, 2017 (Form No. 27D)
    • Last date for filing Annual Return (form 11) for LLPs
  5. 31st May, 2017
    • Annual Certificate of TDS to employees in respect of salary paid and tax deducted during 2016-17 (Form Nos. 12BA and Form 16)
Annual Filings at MCA for LLP

Annual Filings at MCA for LLP

Every Limited Liability Partnerships (LLPs) is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually.

Even if LLP does not do any business, it has to comply with statutory requirement such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return every year. The statutory fees will depend upon the capital contribution of LLP.

Every LLP Registered on or before 30th September 2016 have to file returns for the year ending 31st March, 2017.

Audit Requirement under LLP Act:

Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant under LLP Act.

Filing Annual Accounts:

All LLPs are required to maintain the Books of Accounts in Double Entry System and has to prepare a Statement of Solvency (Accounts) every year ending on 31st March.

LLP Form 8 to be filed with the Registrar of LLPs on or before 30th October every year; i.e. 30th October, 2017 is the last date for filing annual accounts this year.

Filing Annual Return:

Every LLP is required to file Annual Return in LLP Form 11 to the Registrar within 60 days from the closure of financial year i.e the Annual Returns has to be filed on or before 30th May every year. i,e 30th May, 2017 is the last date for filing annual Returns this year.

The Following are the Returns to be filed by an LLP for the year ended 31st March, 2017.

A. Registrar of LLP Annual Return (Form 11) 30th May, 2017
Accounts (Form 8) 30th October, 2017
B. Income Tax Return Audit is not required 31st July, 2017
Audit is required 30th September, 2017


Penalty for Non-Filing:

If there is delay in filing Form no.8 and 11 of LLP, you will have to pay penalty as applicable on today’s date. If filing is not done within stipulated time, there is penalty of Rs. 100 per day till it is complied. You cannot close or wind up your LLP without filing Annual Accounts. So if you don’t file on time, your LLP turns into unlimited statutory liability till the day it is complied.