Home / Limited Liability Partnership Compliance (LLP)
Updated on 24 Nov 2020 9.00 AM IST | 4 min read
An Overview to Limited Liability Partnership Compliance
Limited liability partnership needs to maintain compliances to avoid heavy penalties under non-compliance law. LLP should submit/file income tax return to the income tax department and annual returns to the ministry of corporate affairs (MCA). In case of LLP, there is no need to audit books of accounts unless the annual turnover of an LLP is more than Rs.40 Lakhs or contribution is more than Rs.25 Lakhs.
LLP enjoys the benefit of separate legal entity and perpetual succession. An LLP has a fewer compliance requirements in comparison to a company. Limited liability partnership needs to file their annual returns in form-11 within 60 days from the end of the financial year and statement of accounts & solvency in form-8 within 30 days from the end of 6 months of the financial year.
What Is Included In Our Package?
Documents Required for Annual Compliances For LLP
Procedure For Annual Compliance Fulfillment
- Maintain proper books of accounts
- Preparation & filing of balance sheet
- Get your accounts certified by CA if your turnover is above Rs.40 Lakhs
- Filing of form 8 and form 11 with registrar of companies (ROC)
- Filing of income tax return to the income tax department.
Penalty For Non-Compliance
Non-compliance will leads to heavy penalty of minimum Rs.25000 and maximum Rs.5 Lakhs in case of LLP which is much more than in comparison to private limited company i.e. Rs.1 Lakh. Fine of minimum Rs.10000 is also charged from every partner of LLP separately which may extend to maximum of Rs.100000.
Limited Liability Partnership Compliance (LLP) FAQ’S
Latest News & Updates
- Nov 30,2020
- Nov 24,2020
- Nov 23,2020
India losing $10.3 billion in taxes per year due to tax abuse by MNCs, evasion by individuals: ReportNov 21,2020
- Nov 20,2020
- Nov 19,2020
- Nov 18,2020
GSTR 3B for August 2020 (15 States/UT’s - Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) Oct 1st, 2020
GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
Monthly GSTR 6 for September 2020 Oct 13th, 2020
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
CMP 08 for July to September 2020 Oct 18th, 2020
GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
GSTR 9 and 9C (Annual Return) FY 2018-19 Dec 31st, 2020
GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
Annual GSTR 4 for FY 2019-20 Oct 31st, 2020