Mandatory Compliance for Limited Liability Partnership

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Mandatory Compliance for Limited Liability Partnership

Every limited liability partnership shall file an annual return duly authenticated with the Registrar within sixty days of closure of its financial year in such form and manner and accompanied by such fee as may be prescribed this is Mandatory Compliance for Limited Liability Partnership firm. LLPs are separate legal entities therefore, the Designated Partners are responsible to maintain correct book of accounts and file annual return with the MCA each financial year. Every LLP has to close its books of accounts as on 31st March every year and prepare a Statement of Accounts (Profit and Loss Account and Balance Sheet) and has to file the same with Registrar of LLP.

LLP Annual Return Form 11

LLP Form 11 is available on MCA portal. This form is one of LLP annual compliance and it contain details about LLP partners name, temporary address , permanent address. Also need to mention about Contribution paid by partner in LLP. All LLP should file LL Form 11 within 60 days from end of Financial year. For Example for FY 2018-19 due date for filing form 11 is 30 May 2019. Partners need upload this form with use of digital signature.

Content of Form 11

  • Partners Name , Address ( Present & permanent )
  • Partners Contribution in LLP
  • Details of Indian & Foreign partners
  • Declaration signed by partners
  • Form 11 to be upload with use of DSC
  • Form 11 Due date 30 May 2019
  • For Non filing per day late fee Rs. 100/-

LLP Annual Return Form 8

LLP Form 8 is statement of solvency , statement of income and expenditure. This form is one of LLP annual compliance and it contain need to be filed by two partners with use of digital signature. Due date for Filing LLP Form 8 is 6 months from end of financial year that is 30 Sept 2019. This form also need to be certified by chartered accountant/company secretary/cost accountant.

Content of LLP Form 8

    • Statement of Solvency
    • Certification by CA/CS/CMA
    • Form 8 to be upload with use of DSC
    • Due date 30 September 2019
    • For Non filing per day late fee Rs. 100/-

LLP Income Tax Return Filing

LLP income tax return need to filed to do disclosure it financial statements and pay appropriate taxes. Income Tax filing mandatory for saving late / non filing penalty and carry forward business loss if any in LLP. Form ITR 5 to be filing online with use of digital signature of one of partner. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant. Where LLP having tax liability shall pay advance tax to save late payment interest on tax.

Due Date for Filing ITR of LLP

  • LLP Not under Tax Audit : 31 July 2019
  • LLP under Tax Audit : 30 September 2019

Our Package for LLP Annul Filing Include

  • Filing of Annual Return (Form 11)
  • Filing of Statement of the Accounts or Financial Statements(Form 8)
  • Certification by Professional

Penalty For LLP Annual Non Compliance

For MCA Filings:

Filing of Form 8 and Form 11 is mandatory As per the Limited Liability Partnership Act, 2008 for LLP. Such LLP forms need to filed online with use of DSC. Failing to do LLP annual compliance result in immediate late filing fees of Rs. 100/- per day per Form. No upper ceiling is specified for such penalty amount.

For Income Tax Filings:

As per Section 234F of Income Tax Act 1961 , where LLP which was liable for Income Tax filing and had not filed income then late fees of Rs.5000/- applicable if filed before 31 December. And Rs.10000/- if filed after December. Income tax penalty for non filing ITR has been introduced from FY 2017-18.

Highlights of LLP Compliance's

Periodic compliance requirements

An LLP must maintain books of account, either on cash basis or accrual basis, in accordance with accounting principles, to show the LLP’s transactions and disclose financial position. Books of accounts must be kept in such manner to show that any Statement of Accounts and Solvency complies with the LLP Act.

Annual compliance requirements

Annual compliance for LLP is much less compared that required for a company. An LLP is required to maintain certain books of accounts for each year of business. For the purpose of closing its books of accounts, it may opt for either the end of the financial year.

Financial Statements

To maintain proper books of accounts relating to its affairs for each year on cash or accrual basis and according to the double entry system of accounting and shall maintain the same at the registered office of the company.

Documents required for LLP Annual Filing

LEGAL DOCUMENTS
  • PAN
  • Certification of Incorporation
LLP AGREEMENT
  • LLP Agreement + Supplementary agreement if any
FINANCIAL STATEMENTS
  • Financial Statements Balance Sheet and Profit and Loss statement
DSC OF PARTNERS
  • 2 Digital Signature token of Partners

What We Offer

Draft of Papers
Form 8 Filing
orm 11 Filing
CS Certification

FAQ of LLP Annual Compliances Filing

Yes. LLP Annual filing is mandatory Compliances 1. Form 11 2. Form 8 3. Income Tax return

Yes. LLP Filing need to be done irrespective of turnover. Like even where LLP having no turnover or no transactions need to do filing.

Form 8 and form 11 are legal documents for LLP Annual Filings. Both forms have different content and due dates.

For each from 8 and 11 late fees of Rs. 100/- per day shall be applicable where LLP failed to do compliance.

If LLP status is active on MCA then back dated LLP annual filing is possible. LLP Need to file form 8 and form 11 with late fees of Rs. 100/- per day

Yes. DSC is mandatory for LLP compliances. After expriry of DSC , it can be renewed with following documents 1. PAN 2. Address prooft 3. Photo 4. Cell & Email ID

When LLP need to do Audit ?
In following cases LLP Audit need to be get audited by Chartered Accountant.
  • LLP Turnover > Rs. 40 Lacs or
  • Contribution > Rs. 25 Lac