LLP Compliance
About LLP Compliance
For a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance. A Limited Liability Partnership has only few compliances to be followed every year which is amazingly low as compared to the compliance requirements placed on the private limited companies. However, the fines seem to be quite large. Whilst non-compliance might only charge a Private Limited company INR 1 lakh in terms of penalties, it might charge an LLP up to INR 5 lakh.
Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually. Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than INR 40 lakhs or if the contribution is more than INR 25 lakh. Hence, an LLP is not required to get their books of account audited if it fulfills the above-mentioned condition, making the process of annual filing simpler
Limited Liability Partnerships are required to file their Statement of Account & Solvency within a period of thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year. Dissimilar to Companies, Limited Liability Partnerships are mandatorily required to maintain the financial year, from 1st April to 31st March. Hence, the Statement of Account & Solvency is to be filled on or before October 30th of every financial year and the annual return for LLPs is due on May 30th every year even if the LLP has not completed any business in that specific financial year. Some of the annual filings are mandatory whether the LLP has begun any business or not
Choose the perfect plan
Rs. 6499/-
BASIC
- Annual return filing, income tax return filing and compliance management for a LLP with a turnover of less than Rs.10 lakhs per annum.
Rs. 12499/-
STANDARD
- Annual return filing, income tax return filing and compliance management for a LLP with a turnover of less than Rs.40 lakhs per annum
Rs. 18999/-
premium
- Annual return filing, income tax return filing and compliance management for a LLP with a turnover of less than Rs.100 lakhs per annum
LLP Annual Filing Compliance Calendar for your quick reference:
Form Type | Described | Due date | To be filed with |
Form-8 | Filing of Statement of Accounts | 30th October | Registrar of Companies |
Form-11 | Filing of Annual Returns | 30th May | Registrar of Companies |
ITR -5 | Income tax return | 31st July (or 30th September, if tax audit is mandatory) | Income tax department |
Audit | Tax Audit (only if applicable) | 30th September | Income tax department |
Late filing of such forms entail penalties of Rs. 100/- per day of default.