LLP Compliance
Basic
- Financial Statements
- DIN E-KYC for 2 Directors
- Income Tax Filing
- Annual Return Filing
- LEDGERS Platform
Tax Assist
- Financial Statements
- DIN E-KYC for 2 Directors
- GST Filing
- Income Tax Filing
- Annual Return Filing
- LEDGERS Platform
Annual Compliance of Limited Liability Partnership (LLP)
Annual Compliance of Limited Liability Partnership (LLP)
Maintaining compliance is crucial for Limited Liability Partnerships (LLPs) to avoid hefty penalties and ensure smooth operations. LLPs enjoy a more relaxed compliance burden compared to private limited companies, but non-compliance can result in penalties reaching up to INR 5 lakhs. Adhering to annual filing requirements ensures that LLPs remain in good legal standing and avoid penalties. At Allycon, we provide comprehensive services to help LLPs navigate their annual compliance obligations seamlessly and efficiently.
Limited Liability Partnerships (LLPs) Compliance Requirements
- Maintenance of Proper Book of Accounts
- Filing of Annual Return (Form 11)
- Filing of Statement of Accounts (Form 8)
- Filing of Income Tax Return (ITR-5)
- Tax Audit (if applicable)
Detailed Compliance Breakdown
Maintenance of Proper Book of Accounts Maintaining accurate financial records is essential for assessing the financial performance of the LLP. This includes all financial transactions, assets, liabilities, profits, and expenses. Proper bookkeeping provides a clear understanding of the LLP’s financial health and ensures transparency.
Filing of Annual Return – LLP Form 11 LLPs are required to file their annual return using Form 11, which contains critical details about the LLP, such as partner information and capital contributions.
- Filing Deadline: Must be filed within 60 days after the end of the financial year (by May 30th).
- Penalty for Late Filing: Rs. 100 per day of delay, starting from the due date.
- Importance: Without filing Form 11, the LLP cannot close or wind up its operations.
Filing of Statement of Accounts – LLP Form 8 The Statement of Accounts provides a detailed financial overview of the LLP, including its solvency and financial standing.
- Filing Deadline: Due within 30 days after six months of the financial year (by October 30th).
- Signing and Certification: Must be digitally signed by two designated partners and certified by a Chartered Accountant, Company Secretary, or Cost Accountant.
- Penalty for Late Filing: Rs. 100 per day of delay.
Audit and Tax Filing Requirements LLPs are subject to tax filing and audit requirements as per the Income Tax Act. LLPs with turnover exceeding Rs. 40 lakhs or contributions over Rs. 25 lakhs must have their accounts audited.
- Tax Audit Deadline: September 30th (if applicable).
- Non-Tax Audit Filing Deadline: July 31st.
- Special Transactions (Form 3CEB): For international transactions or domestic specified transactions, Form 3CEB must be filed by November 30th.
Income Tax Return (ITR-5) LLPs need to file their annual income tax return using ITR-5 by July 31st. If subject to a tax audit, the deadline extends to September 30th.
Compliance Calendar for LLP Annual Filings
| 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 (Non-Audit) | 31st July | Income Tax Department |
| ITR – 5 | Income Tax Return (Audit Required) | 30th September | Income Tax Department |
| Audit | Tax Audit (if applicable) | 30th September | Income Tax Department |
Benefits of LLP Annual Compliance
- Higher Credibility: Regular compliance boosts credibility with financial institutions and potential investors.
- Financial Transparency: Annual filings provide a transparent record of the LLP’s financial health, essential for building investor confidence.
- Avoid Penalties: Adhering to compliance timelines keeps the LLP in good standing, avoiding fines and penalties.
- Smooth Business Operations: Regular filings ease the process of converting or closing an LLP, preventing legal complications.
Why Choose Allycon for LLP Annual Compliance?
At Allycon, we take the complexity out of LLP annual compliance by offering expert guidance and support for all your filing needs. Our experienced professionals ensure the preparation of accurate documents, obtain necessary digital signatures, and coordinate certifications by qualified experts, making the process seamless and efficient.
- Expert Guidance: We help you navigate the intricacies of compliance regulations, ensuring every step is handled with precision.
- Accurate Document Preparation: Our team prepares all necessary documents, ensuring they meet the legal requirements for timely submission.
- Digital Signatures and Certification: We facilitate the acquisition of digital signatures and ensure that certifications are completed by trusted professionals.
- Timely Filing: Punctuality is key to avoiding penalties. We manage all filings to ensure deadlines are met without any risk of non-compliance.
By partnering with Allycon, you can focus on running your business while we manage the compliance process for you. Our streamlined approach minimizes the risk of penalties, ensuring your LLP meets all legal requirements efficiently. With Allycon, you can enjoy peace of mind knowing that your business remains compliant year after year.
Get started today with Allycon and simplify your LLP annual compliance!
Related Business Registrations
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
