LLP Annual Compliance
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Compliance for LLP
All you need to know
LLPs (Limited Liability Partnerships) are separate legal entities, and it is the responsibility of the Designated Partners to maintain proper books of accounts and file an annual return with the Ministry of Corporate Affairs (MCA) each financial year. The main compliance requirements for LLPs include filing LLP Form 11, Form 8, and Income Tax Return.
Form 11 is the statement of annual return, and every LLP is required to file it with the Registrar within 60 days from the closure of the financial year. The deadline for filing Form 11 is 30th May every year.
Form 8 is the statement of accounts, and LLPs need to prepare and close their accounts until 31st March each year. At least two Designated Partners are required to file Form 8 with the Registrar within 30 days after the completion of six months of the Financial Year, which is 30th October every year.
Late filing of these forms attracts penalties of Rs. 100 per day of default.
Here is a compliance calendar for LLP annual filing:
– Form-8: Filing of Statement of Accounts – Due date: 30th October – To be filed with Registrar of Companies
– Form-11: Filing of Annual Returns – Due date: 30th May – To be filed with Registrar of Companies
– ITR-5: Income tax return – Due date: 31st July (or 30th September if tax audit is mandatory) – To be filed with the Income Tax Department
– Audit: Tax Audit (only if applicable) – Due date: 30th September – To be filed with the Income Tax Department
Late filing of these forms also incurs penalties of Rs. 100 per day of default.
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