Home / Limited Liability Partnership Compliance (LLP)
Updated on 15 May 2021 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
- May 15,2021
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Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for Apr 2021May 10th ,2021
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for Apr 2021May 10th ,2021
GSTR 1 for Apr 2021 (turnover more than INR. 1.50 Crore)May 11th ,2021
GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for Apr 2021May 13th ,2021
Last date of depositing the sixth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayersMay 15th ,2021
GSTR 3B for Apr 2021 (Annual Turnover of more than Rs 5 Cr in Previous FY)May 20th ,2021