Maintaining annual compliance is crucial for Limited Liability Partnerships (LLPs) to uphold legal standards and avoid hefty penalties. At ASK Associates, we understand the importance of meeting these obligations efficiently. Our tailored services ensure LLPs fulfill their compliance requirements effectively, minimizing the risk of penalties and ensuring smooth operations.

Limited Liability Partnerships (LLPs) Compliance Requirements

Understanding LLP Compliance: LLPs must adhere to specific compliance requirements to maintain their legal status. Designated Partners bear the responsibility for ensuring these obligations are met.

Maintenance of Proper Book of Accounts: Accurate financial records must be maintained, detailing the LLP’s transactions, profits, expenses, assets, and liabilities.

Filing of Annual Return – LLP Form 11: LLPs must file an annual return using Form 11, providing essential information about the LLP, its designated partners, contributions, and partners’ details.

Filing Deadline: Form 11 must be filed within 60 days after the conclusion of the financial year, typically by May 30th.

Penalty for Late Filing: Late filing of Form 11 incurs a penalty of Rs. 100 per day of delay.

Filing of Statement of Accounts – LLP Form 8: LLPs must file Form 8, detailing the LLP’s financial position, including assets, liabilities, income, and expenses.

Due Date: Form 8 should be filed within 30 days from the conclusion of six months after the financial year ends.

Penalty for Late Filing: Late filing of Form 8 attracts a penalty of Rs. 100 per day of delay.

Audit and Tax Filing Requirements for LLPs:

Tax Audit: LLPs meeting specified turnover or contribution thresholds must undergo a tax audit by practicing Chartered Accountants.

Tax Filing Deadline (Without Tax Audit): For LLPs not subject to a tax audit, the deadline for tax filing is July 31st.

Income Tax Return (ITR – 5): LLPs must file their income tax return using Form ITR-5, with the deadline extended to September 30th if a tax audit is mandatory.