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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.
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.
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.
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.
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We at GSB Taxation believe in high quality and exceptional customer service but most importantly, we believe helping others should be the primary purpose of a good service agency. So, we strive to give the best services at the most affordable prices. We’ve come a long way, so we know exactly which direction to take when supplying you with high quality yet budget-friendly services. Whether it is a Private Limited Company Registration, LLP Registration, One Person Company Registration or an FSSAI License Registration, we got it covered. We know that it’s hard for a person to stand on its own. He/she have to think twice before taking any step. Therefore, GSB Taxation offers all of these and other major services with excellent and friendly support in order to do the best for you. We are here to help you in nourishing your business. Trust our dedicated team get ready to live your dreams with us.