Limited Liability Partnership (LLP) is a choice for the entrepreneurs because it provides benefits of both partnership firm and company in a single organization.
Both the forms must be submitted annually. The due date for returns is usually October 30 every year.
Any registered LLP has to create their accounts and fill the information with the profit made and all financial records of the business and submit in Form 8, annually. The closing date is March 31st.
The Form 8 must bear the signatures of the partners and certified by a chartered accountant, company secretary or a cost accountant. If you fail to file the Accounts and Solvency report within the given deadline, there will be a fine of Rs. 100 per day.
The last date for filing Form 8 is October 31st, 2018 for this financial year.
Annual returns are filed in Form 11. The form summaries the number of partners and their names. Form 11 must be filed within 2 months by the end of the financial statement for the current financial year.The last date for 2018-19, therefore, is May 31, 2019. Failing would lead to a fine of Rs. 25,000 to a tenure of Rs. 5 L.
Any business (or individual), via all LLPs, must file the IT returns, too.The last date for IT for LLPs is September 30, each year. The LLP might not do any business for a financial year, but they have to file a Nil IT returns.
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