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Annual Compliances of LLP- Online Process

As per the provision of Income Tax Act, Limited Liability Partnership registered in India are required file income tax return each year in addition to MCA annual return, LLP must also file income tax return irrespective of income, profit or loss.

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Limited Liability Partnership:

Limited Liability Partnership (LLP) is combination of company and partnership firm governed as per the LLP Agreement. Partners of LLP have limited liability. LLP is separate legal entity and it has perpetual succession. LLP shall abide by the compliances as stated under Companies Act,2013, Limited Liability Partnership Act, 2008 and other applicable laws like Income tax, Goods and service tax. LLP shall comply with annual as well as event or periodic based compliances as stated in the act.

Annual Compliances of LLP:

01.

Statement of Accounts and Solvency:

Every LLP require to prepare and close books of financial year in Form-8. Due date of filing Form-8 is 30th October of each financial year. In Form-8 contain details of financial statement along with some declaration.

02.

Annual Return:

Annual Return file in e-form each year with Ministry of Corporate affairs (MCA). Annual return of LLP filed in Form-11. Due date of filing annual return is 60 days of financial year.
Form 11 shall be digitally signed by two designated partners.

03.

DIR-3 KYC:

Each designated partner of LLP require to file DIR-3 eKYC each year, on or before 30th September.

04.

Audit:

Audit on LLP is depending upon the threshold limit of turnover, contribution of LLP.
If LLP whose annual turnover Rs.40 lakh or contribution exceed Rs.25 lakh mandatory to conduct audit of LLP.

05.

Income tax return:

LLP has to file Income Tax Return every year. Date of filing return is depend upon the applicability of audit or not. If tax audit is mandatory then file income tax return by 30th September, otherwise 31st july every year.

Consequences of Non-compliance:

  • If there is delay in filing Form-8 or Form-11 then LLP liable for the penalty Rs.100 per day.
  • Non-compliances of any mandatory annual compliances or event based compliances then it may attract heavy penalties.

Due date of annual compliances of Limited Liability Partnership:

      1.Due date of income tax return:

Income tax return filing due date as per section 139 of Income tax act is 31st July of assessment year if LLP is not required to accounts get audited u/s 44AB. If LLP is required to get the accounts audited u/s 44AB, the due date of ITR shall be 30th September of the Assessment Year. In this case Partner of LLP get benefited for filing of ITR as due date applicable on the individual who the partner of LLP which accounts get audited is also 30th September of the Assessment Year. 

     2.Due date of Form-8: 

Limited Liability Partnership registered in India are required file Statement of Accounts & Solvency in Form 8 every year within 30 days from end of 30th September of close of financial year.

    3.Due date of Form-11:

Limited Liability Partnership registered in India are required file Annual Returnin Form 11 every year and must include the details of designated partners and partner contribution. Therefore, LLP annual return is due on May 30th.

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