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Regular return filing is necessary for a Limited Liability Partnership (LLP) in order to maintain LLP compliance requirements and avoid paying heavy fines for non-compliance. When it comes to annual compliance, limited liability partnerships (LLPs) have it easier than private limited businesses. However, there may be substantial fines for non-compliance. LLPs may be penalised up to INR 5 lakh for non-compliance, compared to INR 1 lakh for Private Limited companies. At Taxhint Advisors, we recognise how crucial it is for LLPs to comply with these annual compliance requirements, and we have designed our services to help them do so in an efficient and effective manner.
Get started today to ensure your LLP compliance and avoid penalties.
Because Limited Liability Partnerships (LLPs) are acknowledged as distinct legal entities, they must adhere to certain regulations. It is the duty of the LLP's Designated Partners to guarantee compliance. The following are the main LLP compliance requirements for LLPs:
Ensuring that LLPs fulfil these requirements on an annual basis helps to foster financial accountability, openness, and credibility in addition to preserving the LLP's legal standing.
One is required to keep correct and current financial records in order to submit an LLP annual report. All of the LLP's financial transactions, earnings, outlays, assets, and liabilities should be included in these documents. To evaluate the LLP's performance and financial health, accurate bookkeeping is essential.
For every fiscal year, LLPs must submit an annual return to the Ministry of Corporate Affairs. Form 11, which is used to submit this annual return, includes crucial data. This form collects important information about the limited liability partnership (LLP), such as the total number of authorised partners, detailed partner information, contributions made by partners, and a list of all participating partners.
Form 11 must be submitted by all LLPs within sixty days after the end of the fiscal year. This implies that Form 11 needs to be submitted annually by May 30th.
LLPs must meet this deadline because there may be repercussions if they don't. One important implication is that until an LLP files all of its yearly returns, including Form 11, it will not be able to cease or wind up its operations.
A penalty of Rs. 100 shall be imposed on an LLP for each day that it fails to submit its LLP annual filing forms within the allotted deadline.
Penalties will be imposed starting on the day the return is due and will last until the actual return is filed.
Form 11 must be submitted by all LLPs within sixty days after the end of the fiscal year. This implies that Form 11 needs to be submitted annually by May 30th.
Every year, LLPs are required to submit a Statement of Accounts & Solvency that includes information on the LLP's assets and liabilities as well as its financial status. Form 8 is being used to file this statement.
Form 8 must be submitted by LLPs no later than thirty days following the end of the six-month financial year. In order to maintain LLP compliance, Form 8 must be filed within this window of time.
A pair of designated LLP partners may digitally sign Form 8. It also needs to be certified by a cost accountant, chartered accountant, or company secretary.
It's critical that LLPs follow the Form 8 filing deadline. There are fines associated with not filing this form on time; there is a daily fine of Rs. 100.
Maintaining LLP annual compliance with the Form 8 filing requirements is essential to keeping good standing and avoiding fines.
According to the rules of the Income Tax Act of 1961 and the Limited Liability Partnership Act of 2008, Limited Liability Partnerships (LLPs) are subject to particular audit and tax filing requirements. The following are the essential conditions:
Audit Requirement: LLPs must have their books of accounts audited by licensed chartered accountants if their annual turnover exceeds Rs. 40 lakhs or if their contributions exceed Rs. 25 lakhs. September 30th is the deadline for LLPs of this type to file their tax returns.
Form 3CEB must be filed by LLPs who have completed Specified Domestic Transactions or transacted internationally with affiliated businesses. It is necessary for a certified public accountant to sign this form. LLPs required to file Form 3CEB have until November 30th to do so.
For limited liability companies (LLPs) to meet their legal responsibilities and stay out of trouble, compliance with these audit and tax filing requirements is crucial.
LLPs must also use Form ITR-5 to file their income tax return. Unless the LLP is the subject of a tax audit, in which case the time is extended to September 30th, the ITR filing deadline is July 31st. Information on the LLP's revenue, outlays, and tax obligation can be found in the income tax return.
For your convenience, the LLP Annual Filing Compliance Calendar is provided here:
| Form Type | Description | 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 |
| 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 |
The benefits of LLP annual compliance are listed as follows:
Taxhint Advisors provides professional advice and manages necessary tasks to streamline the LLP yearly filing process. Our specialists help with correct document preparation, getting the required digital signatures, and making sure that certified professionals certify the documents. In order to prevent fines and preserve LLP annual compliance with rules, we place a strong emphasis on timely submissions. Our simplified process lowers the possibility of non-compliance fines while letting you concentrate on running your company. To put it briefly, Taxhint Advisors simplifies the LLP annual filing process and makes sure you follow the law.