LLP Annual Compliance

LLP Annual Compliance Calendar

Introduction: 

Limited liability partnerships (LLPs) have very little compliance to fulfill, in comparison to Private Limited Companies. LLPs need only file information related to statements of accounts and annual returns on an annual basis.

Limited Liability Partnership is required a get its books of account audited if their annual turnover exceeds Rs. 40 lakh or contribution exceeds Rs. 25.

Compliance as per LLP Act 2008:

Mandatory**

a) Compliance: Annual Return

i)  Form 11: It contains details of a summary of an LLP’s Partners and an indication of the change in the management.

ii) Due date: within 60 days of closing of the financial year (before 30th May). 

iii) Penalty for non-compliance: Rs.100 Per day from the date of default till the date of actual filing.

b) Compliance: Statement of Account & Solvency

i)  Form 8: It includes details of Statement of Account & Solvency..

ii) Due date: on or before 30th October every year 

iii) Penalty for non-compliance: Rs.100 Per day from the date of default till the date of actual filing.

LLP Compliance as per Income Tax Act 1961:

Mandatory**

a) Compliance: In case of Audit is not required:

i) LLP Audit is not applicable If LLP annual turnover does not exceed Rs. 40 lakh or contribution does not exceed Rs. 25. Lakh

ii) Due date: 31st July of every year

iii) Penalty for non-compliance: Loss cannot be carried forward and in case of tax payable Interest and penalty are applicable.

b) Compliance:  In Case Audit is required

i) LLP Audit is applicable If LLP annual turnover exceeds Rs. 40 lakh or contribution exceeds Rs. 25. Lakh

ii) Due date: 30th September of every year.

iii) Penalty for non-compliance: 

Loss cannot be carried forward and in case of tax payable Interest and penalty are applicable.