Annual Compliance of LLP2023-08-09T22:48:31+05:30

Annual Compliance for LLP

Annual Compliance for LLP includes mandatory legal compliances with various government authorities like MCA, Income Tax Department, GST Department, etc. under various laws.

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    Annual Compliance for LLP

    An LLP incorporated under LLP Act 2008 has to comply with different laws provided by authorities such as the Ministry of Corporate Affairs (MCA), Income Tax Department, GST Departments, etc.

    Annual Compliance of LLP is all about book-keeping and accounting, auditing, payment of taxes, regular filing of annual returns, financial statements, Designated Partners KYC, and all other compliances as are required from time to time. Every LLP incorporated in India irrespective of its size and turnover has to carry out annual compliances as applicable to it.

    An LLP is required to manage various operations in day-to-day business in line with the complex corporate and tax laws, which can be sometimes a difficult task. Therefore, it is advisable to carry out various activities under the guidance of a professional for understanding the legal requirements and timely fulfillment of the compliances so as to avoid penalties and fines.

    What is the Due Date for Annual Compliance for LLP?

    The due date for filing forms and returns with authorities are different for each form and returns. The below table shows the illustrative list of applicable due dates on the LLP.

    Purpose of FormDue Date
    Form 11 – Annual Return of LLP30th May after the end of the financial year [within 60 (sixty) days of closure of its financial year]
    Form 8 – Statement of Account & Solvency of LLP30th October after the end of the financial year [within 30 (thirty) days from the end of six months of the financial year]
    Form DIR 3 – KYC of Designated Partners30th September after the end of the financial year
    Income Tax Return (ITR) of LLP31st July of the relevant Assessment year (For Non-audit LLP)
    30th September of the relevant Assessment year (For Audited LLP)

    Advantages Of LLP Compliance

    • Get easy loan, finance and subsidies

      LLP’s credibility and reliability are measured by the financial statements and regularity in compliances. An LLP with good track record can easily approach government and private organisations for loan, financial assistance, subsidies, tenders, and such other similar purposes based on its established credibility, reliability, and reputation.

    • Avoid Heavy Penalty

      Statutory compliances are to be mandatory followed under law, if an LLP does not follow the compliances regularly or doesn’t file required returns within the specified time period then the government charges heavy penalties and punishment on the LLP and its partners.

      Therefore, filing various compliances on time will help the LLP to avoid heavy penalties, as the cost of non-compliance is always greater than the cost of compliance.

    • Attracts Potential Investors

      The potential investors usually check the financial records and compliance status of the LLP under various laws, before investing in any LLP. Therefore, LLP’s with proper and regular compliance are preferred more for funding and investment by the investors.

    • Active status of LLP

      If an LLP fails to comply with the requirements under the law, then apart from heavy penalties, the Registrar of Companies (ROC) shall also declare the LLP as a defunct LLP and remove its name from the register, after which the LLP losses its existence and becomes ineligible to carry out further business operations.

    • Builds Trust of Customers

      Nowadays, not only business peers but also customers check and verify the status of compliance of an organization before entering into transaction with them. Therefore, a Compliant LLP will always build the trust of potential customers and gain their confidence.

    Consequences of Non-Compliance by  LLP

    Payment of Additional Fees on Delayed Filings

    If the LLP fails to file Form 8 and Form 11 within the required time period, and files after the due date, then the LLP shall be liable to pay the additional government fees of Rs. 100 per day per form.

    Penalty on LLP for default in filing Annual Return and Statement of Solvency

    If the LLP fails to file a Statement of Solvency and annual return in Form 8 and Form 11 within the required time period, then the LLP shall also be liable to a penalty of Rs. 100 for each day which shall extend up to Rs. 1 lakh rupees.

    Penalty on the Designated Partner who is in default in filing Annual Return and Financial Statement

    If the LLP fails to file a Statement of Solvency and Annual Return in Form 8 and Form 11 within the required time period, then the Designated Partner shall also be liable to a penalty of Rs. 100 for each day which shall extend up to Rs. 50,000 rupees.

    LLP liable for Strike Off or Closure by ROC

    If the LLP does not file an annual return and statement of solvency to the ROC for a period of 2 years or more and if the ROC believes that the LLP is not carrying on any business or operation, then it shall send a notice to LLP/Partner and remove its name from the records maintained by Register of Companies (ROC)

    Deactivation of DIN/DPIN of Designated Partner

    MCA shall deactivate the DIN/DPIN of the Designated Partner due to non-filing of the DIR-3-KYC Form which shall be activated only after paying a penalty of Rs. 5000.

    Penalty for Not Filing Income Tax Return (ITR)

    As per Income Tax Laws, if you file your ITR after the due date then a penalty of Rs. 5000 to 10,000 shall be payable by the applicant. Also, you won’t be able to carry forward or set off your losses to subsequent years.

    What Is Included In Our LLP Annual Filing Package?

    • Book-Keeping and Accounting Services

    • Preparation of Financial Statement such as Balance Sheet, Profit & Loss Account etc.

    • Filling of Form 8 (Statement of Account & Solvency) of LLP with their respective attachments to ROC

    • Filling of Form 11 (Annual Return) of LLP with their respective attachments to ROC

    • Calculation and Assessment in of Income Tax and Filing of respective Income Tax Return (ITR)

    • Filing of Form DIR-3-KYC certified by a Professional

    • Advisory and Consultation with respect to miscellaneous corporate law matters

    Process for LLP Annual Compliance

    • Collection of required Information and Documents

      In the first step, we shall collect the required information and documents required as per the checklist. We shall verify and confirm the documents and information provided.

    • Allocation of a Dedicated Compliance Professional

      Once we receive the information and documents, we shall then allocate a dedicated compliance professional who will understand your business model and provide a list of required compliances applicable to the LLP.

    • Carrying out Compliance Process of the LLP

      Our representative shall carry out the preparation and finalisation of various documents, forms, statements, and returns as per the compliance requirements of the LLP.

    • Submission of Forms and Returns

      After the forms and returns are prepared and finalised, it shall be signed by designated partners of LLP and Practicing Professional and shall be submitted to the government authorities for approval purposes, after which an Acknowledgement Number shall be generated.

    • Get approval in few days

      Once the form is successfully approved by the respective authorities, you shall receive the mail of approval within few days from the government.

    Documents Required in Annual Compliance of LLP

    • Certificate of incorporation of LLP

    • LLP Agreement

    • GST Certificate (if registered under GST)

    • Bank Account Statements of LLP for the relevant financial year

    • Sale/Purchase/Expense/Payment invoices and receipts

    • Digital Signature Certificate (DSC) of authorized Designated Partners

    • Other information and documents as may be necessary


    Do I need to be physically present during this process?2021-09-20T12:02:07+05:30

    No, the process is a completely online process. All the required forms and returns are filed electronically, so you would not need to be physically present at all. You would just need to send us scanned copies of all the required documents and information.

    Is the appointment of auditor mandatory for LLP?2021-09-20T12:01:39+05:30

    No, Appointment of Auditor is not mandatory for all the LLP. However, if an LLP has a turnover of more than Rs. 40 lakh or capital contribution of more than Rs. 25 lakhs then it is mandatory to get its accounts audited by an independent Chartered Accountant.

    My LLP has not done any business during the year, do I need to file the annual returns?2021-09-20T12:01:16+05:30

    Yes, even if there is no business in the LLP during the year, the filing of Form 8 (Statement of Account & Solvency), Form 11 (Annual Return) along with Income Tax Return (NIL) and such other applicable compliances are required to be filed by the LLP.

    Are audited financial statements mandatory for annual filling?2021-09-20T12:00:40+05:30

    LLP which is not required to get its books audited is not required to file audited financial statements, whereas the LLP which is crossing the turnover and capital requirement has to file audited financial statements with the government authorities.

    I have not filed annual returns for my LLP from the past financial year, whether my LLP is eligible to file annual returns in the current financial year?2021-09-20T12:00:15+05:30

    Yes, the LLP can file the pending annual returns in the current financial years with payment of applicable additional fees and penalties.

    Is there any requirement to hold board meetings and general meetings in an LLP?2021-09-20T11:59:49+05:30

    No, as per LLP Act there is no such requirement to hold a board meeting or annual general meetings (AGM) in the LLP.

    What is the purpose of Form 8 and Form 11?2021-09-20T11:59:25+05:30

    Form 8 (Statement of Solvency) is used for filing information related to assets, liabilities, income, and expenditure of the LLP with the ROC whereas, Form 11 is used for filing annual return details to the ROC.

    Is Income Tax Return (ITR) mandatory to be filed every year by LLP?2021-09-20T11:59:02+05:30

    Yes, Income Tax Return (ITR) is mandatory to be filed by every LLP, irrespective of income or loss during the financial year.

    Is DIR-3-KYC form to be filed every year?2021-09-20T11:58:35+05:30

    Yes, DIR-3-KYC has to be filed every financial year by 30th September of next financial year, and it is valid till 31st March of such financial year

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