Mandatory Annual Compliances of LLP- Limited Liability Partnership in India
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence.
In order to run a LLP effectively and efficiently, there is need to comply with mandatory annual compliances before the time, to save the cost of Fines and penalty.
It is mandatory for a LLP to file a return irrespective of whether it has done any business.
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Various Compliances of Limited Liability Partnership (LLP)
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Compliances of Registrar of Companies(MCA)
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| S.No | Compliances | Form | Due date | Form Details
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| 1 | Filing LLP Annual Return
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Form 11 | It is to be filed within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year. | It is the summary change in the management. | |
| 2 | Filing of Statement of Account & Solvency
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Form 8 | It is to be filed within 30 days from the end of 6 months of the end financial year. I.e. by 30th October of each financial year. | it consists of information related to the statement of assets of the LLP and liabilities and statement of income and expenditure of the LLP. | |
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Filing of Income Tax Return
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| S.No | Compliances | Form | Due date | Tax audit | |
| 1 | In case Audit is not required | ITR 5 | 31st July of every year | LLP whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their books audited under the Income Tax Act and file their Income Tax accordingly
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| 2 | In Case Audit is required | ITR 5 | 30th September of every year | ||
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