Llp's it returns and roc filling........
raj
(Querist) 10 January 2014
This query is : Resolved
SIR,
I AM REGISTER THE LLP IN 2010. AND DUE TO THE NEGLIENCE OF MY LEGAL ADVISER I HAVE NOT FILLED MY LLP'S IT RETURNS FROM 2010 TO TILL TODAY. BECAUSE SOME DAYS BEFORE I WENT TO OTHER ADVOCATE TO FILL MY IT RETURNS AND HE ALSO TALK WITH HIS CA THEN AFTER TOLD HIM TO FILL IT RETURNS OF RUNING YEAR BUT REPLY ME WITHOUT FILLING THE PRIVIOUS RETURNS WE CAN NOT FILL RUNING IT RETURNS. AFTER I SHOKED HEARING SOMETHING FROM HIM THAT FIRST I WANT TO FILL PENALTY UP TO Rs. 3,50,000/- WHICH WILL BE FROM 2010 UPTO TODAY.
I DOES NOT EARN SUCH HUGE INCOME FROM MY LLP, AND I HAVE MADE TM,ISO,COPY RIGHTS etc.OF MY LLP,AS EARLY..
SO PLZ HELP ME SAVE MY LLP. I AM NOT IN THIS CONDITION TO REGISTER NEW LLP.AT THIS POSITION BCOZ NOW I HAVE SPREAD MY REGI. NO. TO EVERYWHERE.
IT'S HUMBLE REQUEST TO ALL OF YOU PLZ SUGGEST ME THE WAY TO SOLVE MY PROBLEM GIVEN BELOW:-
1) HOW CAN I SAVE MY LLP?
2)HOW I CAN FILL MY IT RETURNS BY REGULAR BASE SHOW ME THE WAY?
3)AND HOW CAN SAVE MY SELF FORM PAYING PENALTIES ABOVE GIVEN HUGE AMOUNT?
4)SHOW ME THE WAY TO SAVE MY MONEY AND MY LLP FROM PAYING SUCH HUGE IT RETURNS..........I WILL BE THANK FULL OF U ALL ADVOCATES...
malipeddi jaggarao
(Expert) 10 January 2014
As regards filing of returns of concerned, LLP is required to file returns to two authorities:
1) IT returns to Income Tax Dept.,
2) Statutory returns under LLP Act to be filed to Registrar of Companies.
If you have not earned any income during 2010-11, 2011-12 you can as well file IT returns even now. If you (LLP) earn any net profit, it has to file the IT returns remitting the tax with some penalty. This is one aspect.
The other is filing of returns with ROC. Please see the following stipulations:
Statements of Accounts and Solvency & Audit (Sec.34):
(i) LLP is required to maintain books of accounts for each year as prescribed LLP is required required to maintain maintain books of accounts accounts for each year as prescribed prescribed
by Rule 24. (Sec.34).
(ii) Accounts on cash basis or on accr Accounts on cash basis or on accrual basis under double entry system of basis under double entry system of
accounting.
(iii) Accounts shall be audited by Audito
rs appointed by the LLP, in accordance
with Rule 24.
Audit is compulsory under LLP Act if :
(a) If turnover exceeds Rs. 40 (a) If turnover exceeds Rs. 40 lakhs in any F.Y. in any F.Y.
(b) Contribution by partners exceed Rs. 25 lakhs.
(iv) Within a period of 6 months to the end of the year, the LLP is to prepare a Statement of A/ Statement of A/cs and Solvency in Form No.8 as prescribed by Rule 24. and Solvency in Form No.8 as prescribed by Rule 24.
It is to be signed by the Designated Partner.
(v) Before 30th October in each year,
the Statement of Accounts and Solvency
(vi) (Sec. 35) Annual Return (vi) (Sec. 35) Annual Return – Every LLP to file Annual Return within 60 Every LLP to file Annual Return within 60 days of days of closure of financial year Incase of failure DP to be fined (Rs 10 000/- to
19
closure closure of financial financial year. . Incase of failure failure DP to be fined (Rs..10,000/
to Rs. 100,000/)Else additional fee of Rs 100/-- per day.
You are required to consult - first a Chartered Accountant who can prepare final accounts and file the IT returns with IT Department.
Once the IT returns are filed, secondly, you are required to contact a Company Secretary who is familiar with filing of returns with Registrar or Companies. You can also browse through the Website of ROC to gain some knowledge.
The penalty will not be that hefty. The delay will be condoned by ROC if sufficient reasons are given.
Normally advocates cannot help you independently unless they are specialists and practitioners of Tax Laws and Company Laws.
Hope you are put in the right track.
Rajendra K Goyal
(Expert) 10 January 2014
Well advised by the expert malipeddi jaggarao ji, you should contact the Tax consultant to do the needful.
Rajendra K Goyal
(Expert) 10 January 2014
Also repeated query:
http://www.lawyersclubindia.com/experts/Llp-s-it-returns-and-roc-filling--446501.asp#.Us-7ELSLq_I
ajay sethi
(Expert) 10 January 2014
repeated query no reply
T. Kalaiselvan, Advocate
(Expert) 13 January 2014
