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 fulfilment 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. Below table shows the illustrative list of applicable due dates on the LLP.
|Purpose of Form||Due Date|
|Form 11 – Annual Return of LLP||30th 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 LLP||30th 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 Partners||30th September after the end of the financial year|
|Income Tax Return (ITR) of LLP||31st July of the relevant Assessment year (For Non-audit LLP)|
30th September of the relevant Assessment year (For Audited LLP)
Advantages Of Annual Compliance for LLP
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 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 upto 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 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 upto 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 Designated Partner due to non-filing of 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 Annual Compliance for LLP package?
Process of Annual Compliance for LLP
Documents Required in Annual Compliance for LLP process
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