Annual Compliances For Limited Liability Partnership

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Annual Compliances For Limited Liability Partnership
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Annual Compliances For LLP

Every LLP registered in India needs to comply with the annual return filing requirement each year. A business registered as a Limited Liability Partnership in India must file its annual return within 60 days from the end of financial year. The Statement of Account and Solvency must be filed within 30 days within 6 months from the end of a financial year.

An LLP is also required to file the ITR or Income Tax Return each year. The due date to file the annual return is May 30 and the due date to file the Statement of Account and Solvency is October 30. Non-compliance with annual return filing can lead to heavy penalties for the Limited Liability Partnership.

Every LLP registered in India needs to comply with the annual return filing requirement each year. A business registered as a Limited Liability Partnership in India must file its annual return within 60 days from the end of financial year. The Statement of Account and Solvency must be filed within 30 days within 6 months from the end of a financial year. An LLP is also required to file the ITR or Income Tax Return each year. The due date to file the annual return is May 30 and the due date to file the Statement of Account and Solvency is October 30. Non-compliance with annual return filing can
lead to heavy penalties for the Limited Liability Partnership.

Every LLP registered in India needs to comply with the annual return filing requirement each year. A business registered as a Limited Liability Partnership in India must file its annual return within 60 days from the end of financial year. The Statement of Account and Solvency must be filed within 30 days within 6 months from the end of a financial year.

An LLP is also required to file the ITR or Income Tax Return each year. The due date to file the annual return is May 30 and the due date to file the Statement of Account and Solvency is October 30. Non-compliance with annual return filing can lead to heavy penalties for the Limited Liability Partnership.

Cost effective & Transparent Pricing

Basic

Rs. 8000/- inclusive of all fees

Annual Compliance filing, ITR filing, GST registration and compliance management for an LLP with an annual turnover of up to Rs. 10 lakhs.

Standard

Rs. 12000/- inclusive of all fees

Annual Return filing, Income Tax Return filing, GSTIN and compliance management for an LLP with an annual turnover of up to Rs. 40 lakhs.

Advanced

Rs. 18000/- inclusive of all fees

LLP Annual Compliances with Income Tax Return, GST registration and compliance management for an LLP with an annual turnover of up to Rs. 1 crore.

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Choose The Compliances For Your Business

Compare the annual compliances of different kinds of business structures!

Compliances Private Limited Company Limited Liability Partnership One Person Company Partnership Firm Sole Proprietorship
+ Board Meeting Compulsory Not Compulsory Not Compulsory Not Compulsory Not Compulsory
  It is compulsory to conduct 4 board meetings in a year and 1 meeting within 30 days of incorporation. A board meetings for designated partners is not mandatory. A board meeting is required only if there are more than 1 directors. No board meeting is required. No board meeting is required.
+ Annual General Meeting Compulsory Not Compulsory Not Compulsory Not Compulsory Not Compulsory
  It is compulsory to hold an AGM. No AGM is required. An AGM can be conducted if there are more than 1 directors. No AGM is required. No AGM is required.
+ Annual Tax Filing Compulsory Compulsory Compulsory Compulsory Not Compulsory
  It is mandatory to file ITR irrespective of income. It is compulsory to file an ITR regardless of the annual turnover. It is compulsory to file an Income Tax Return. It is compulsory to file an ITR every year. An ITR must be filed if the annual income crosses Rs. 2.5 lakhs.
+ Tax Audit Conditional Conditional Conditional Conditional Conditional
  A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore.
+ Annual Compliances Many Some Many Few Few
  Annual compliances include balance sheet, profit and loss account, acocunt flow statement, statement of changes in equity and an Annual Return. Annual compliances include Annual Return and statement of accounts & solvency. Annual compliances include balance sheet, profit and loss account, acocunt flow statement, statement of changes in equity and an Annual Return. Annual compliance include ITR filing and tax audit (if applicable). Annual compliance include ITR filing and tax audit (if applicable).
+ Compliance Cost High Medium High Low Low
  As there are numerous compliances, the cost is high. Compliances are limited and it costs less than PLC/OPC. As there are numerous compliances, the cost is high. There are a few compliances and the cost is extremely low. There are a few compliances and the cost is extremely low.
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Frequently Asked Questions

What is a Limited Liability Partnership(LLP)?
A Limited Liability Partnership (LLP) is a business structure in lines with a Partnership firm, but the partners in an LLP have limited liabilities. The partners are not personally liable for the debts and losses of the LLP or affected by the misconduct of one partner.
Which forms are filed for an LLP’s annual Return?
The two forms needed to be filed by an LLP for its annual returns are Form 11 for the annual return and Form 8 for the Statement of Accounts.
What is the due date for LLP annual filing?
The due date for filing Form 11 is the May 30 of each financial year and due date for filing of Form 8 is the October 30.
Who is liable to file LLP annual return?
The designated partners of the LLP are responsible to file LLP annual returns.
Is it mandatory to file the LLP annual return?
Yes, it is compulsory for every registered LLP to file the annual return. Non-compliance attracts penalty.
Is filing LLP Agreement compulsory?
Yes, it is compulsory to file LLP agreement. There is a heavy penalty on defaulting,
What is the penalty for late filing of LLP return?
The penalty fees of Rs. 100 per day is charged from the date of delay till the Form is filed with the ROC.
Is there a fee for filing LLP annual returns?
Yes, there is a small government fee to be paid for ROC filing for an LLP.
How to calculate Penalty for late filing of LLP Annual filing?
The penalty for delay in filing Form 11 is Rs. 100 multiplied by the number of days of delay. The penalty for delay in filing Form 8 is Rs. 100 multiplied by the number of days of delay.
How to send a reply to ROC notice?
You can send a reply to a notice received for non-compliance of LLP’s annual return filing with the help of Legistify’s legal experts.

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