Alert*   30th April 2019 - Final Date of Annual GST Return Filing
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Annual Compliance for a LLP

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Annual Compliance for a LLP

Limited Liability Partnership certain compliance and procedural matters need to be completed to ensure the smooth functioning of LLP. The overall compliance requirement for an LLP is less cumbersome when compared to the post-incorporation compliances required for a company. LLP is extremely low, as associated to the numerous requirements placed on a private ltd. company. However, the penalties are also huge. While non-compliance may only cost a private limited company up to 1 lakh in penalties, it may cost an LLP up to lease 5 lakh. Annual filing is a very crucial aspect for an LLP. In India are much lesser than those for a private or public limited company, and these annual compliances for LLPs are the following.

Filing Annual Return Filing of the Annual Return

Annual returns are filled in Form 11. This is the summary of the management affairs of the LLP, such as a number of partners and their names. Form 11 needs to be filled within 60 days of the closure of financial statement for the current financial year. The last date of annual returns of LLP for 2016-17, therefore, is Mat 31, 2017. Non-compliance could result in a fine of Rs. 25,000 to the tenure of Rs. 5 lakh.

Filing of the SAS Filing of the SAS

The statement of account and solvency is to be filled through the form 8 with the register of LLP within 30 days from the end of 6 months of the current financial year. The Form 8 should be accompanied by the signatures of the designated partners and also certified by a CA, company secretary or cost account. Failure to file the statement of accounts and solvency report within the deadline will lead to a fine of Rs. 100 per day.

Income Tax Return Filing of Income Tax Return

The Income Tax Returns will be filed with the Income Tax Department. This is not compliance exclusive to LLPs, but any business, though all LLPs must also file income tax returns. The last date for filing income tax returns for LLPs is September 30, every year. Even if the LLP has not done any business for the current financial year, they are required to file a Nil Income Tax returns with the authorities.

Features of LLP

  •     Body corporate
  •     Separate legal identity
  •     Perpectual succesion
  •     Limited liability of partners
  •     Only with profit motive
  •     Non applicability of partnership Act

Documents required for LLP

  •     Identity proof of partners:- PAN for India National
  •     Address Proof of Partners:- like as, passport, drivers license, Bank Statementor electric bill
  •   Proof for Registered Office:- Rent aggrement, electric bill, Property tax receipt
  •     Signed incorporation documents

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