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What are Annual Compliances for LLP in India - Compliance Filing for LLP

The annual statutory compliances for a Limited Liability Partnership (LLP) in India are much lesser than those for a private or public limited company, and these annual compliances for LLPs are the following: -

  • Filing of the Annual Return
  • Filing of the Statement of Accounts & Solvency (SAS)
  • Filing of Income Tax Returns

These minimum statutory compliances are to be made by every LLP of India registered as per the LLP Act of 2008, irrespective of the fact that it does business or not. The section below offers detailed information about how to make annual compliances for llp, to help the people concerned. Here, it must be noted that the mandatory compliances for a limited liability partnership should be made punctually, well before the prescribed dates for the same, in order to avoid heavy penalties (taken at the rate of INR 100 for each day of default).

Again, noteworthy here also are the facts that a rigorous audit of the accounts of an LLP is mandatory by a qualified Charted Accountant, if its annual turnover exceeds INR 40 Lac or its total capital contribution becomes more than INR 25 Lac. As per the Indian Income Tax Act also, if the annual turnover of an LLP becomes more than INR One Crore, then its accounts must be well-audited by a chartered account.

How to Make Annual Compliances For LLP - Process involved in Annual Compliances For LLP

The annual compliances for llp are to be made with the Registrar under MCA and with the Central Income Tax Department, in the following manners and within the prescribed dates specified below: ---

  • Filing of Annual Return: --- This annual return (containing info about the partners of the LLP and its management) is to be filed through the Form 11 and with the ROC, within Sixty Days from the closure of its financial year. Hence, this annual return should better be filed on or before 30th May every year by the LLP. In case, the annual turnover of the LLP crosses INR 5 Crore or its total capital contribution from partners becomes more than INR 50 Lac, then the annual return should compulsorily be accompanied by a certificate from a practicing Company Secretary.
  • Filing of the SAS: --- The Statement of Accounts and Solvency (SAS) is to be filed through the Form 8 with the Registrar of LLP, within Thirty Days from the end of Six Months of the current financial year. Hence, this SAS is to be duly field on or before 30th October every year.
  • Filing Income Tax Returns: --- The Income Tax Returns will be filed with the Income Tax Department, Govt of India, on or before the prescribed dates given below:
    • LLPs with no requirement of audit of their respective accounts under any law --- 31st of July every year
    • LLPs subject to compulsory audit of accounts under any law --- 30th September every year, or any other date notified by the income tax department.
To avail our expert and efficient compliance services, LLPs of India may contact us over: +91-8800-100-284; or send their relevant queries or mails to: contact@Company-Registration.in .