Home / Limited Liability Partnership Compliance (LLP)

Updated on 10 Jul 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?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees

Documents Required for Annual Compliances For LLP

  • Invoices of purchases & sales during a financial year
  • Invoices of expenses incurred during a financial year
  • Bank statements for all bank accounts in the name of LLP in a financial year.
  • Credit card statements for expenses incurred by partners on behalf of LLP.
  • Copy of GST return filed (If any)
  • Copy of TDS challans deposited
  • Copy of TDS return filed

Procedure For Annual Compliance Fulfillment

  1. Maintain proper books of accounts
  2. Preparation & filing of balance sheet
  3. Get your accounts certified by CA if your turnover is above Rs.40 Lakhs
  4. Filing of form 8 and form 11 with registrar of companies (ROC)
  5. Filing of income tax return to the income tax department.

Penalty For Non-Compliance

  • Late filing or non-filing of LLP annual return or statement of accounts & solvency before the due date will attract a penalty of Rs.100 per day.
  • LLP cannot be closed without filing of the tax return.
  • An LLP penalty doesn’t have a maximum limit. It can be of any amount.
  • Therefore, it is best that you file your LLP annual returns or statement of accounts & solvency in time to avoid heavy penalty.

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

Every LLP has to file “Statement of accounts and solvency in form-8 with the registrar of companies every year. Every LLP is under obligation to reflect the true & fair picture of their accounts by way of annual returns.
Every LLP has to mandatorily file annual returns with registrar of companies every year.
Form-8 is used to file “statement of accounts & solvency” and form-11 is used to file annual returns.
Limited liability partnership needs to file their “annual returns” within 60 days from the end of the financial year and “statement of accounts & solvency” within 30 days from the end of 6 months of the financial year.
Late filing or non-filing of LLP annual return or statement of accounts & solvency before due date will attract a penalty of Rs.100 per day.
MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.


Prakash Verma

Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Prakash Verma Signature


Praveen Chauhan

Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“

Praveen Chauhan Signature


Pradeep Kochhar

Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “

Pradeep Kochhar Signature

Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Form 15G and 15H to Save TDS on Interest Income
02 Jul, 2020

What is Form 15G & Form 15H? Form 15G & Form 15H are the forms which are submitted to banks by the individuals in order to prevent... Read More

Section 80RRB: Tax Saving on Royalty Income on Patent
27 Jun, 2020

Section 80RRB of Income Tax Act Section 80RRB is introduced by the income tax department for individuals to claim deduction on the... Read More

Section 80GGB: Donations to Political Parties by Companies
15 Jun, 2020

Section 80GGB of Income Tax Act Section 80GGB is introduced by the government for the companies to claim tax deduction on the donations... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across India as well as Internationally.
World Map

Contact Us


30+ Offices in
India

10+ Years Experience

Save Your
Time

Quick Turn around Time

Qualified Professionals

Excellent Customer Service