LLP Annual Compliances
Limited Liability Partnerships (LLPs) enjoy fewer compliance burdens than private limited companies, but they are still required to file two mandatory annual returns with the ROC.
Mandatory MCA Filings for LLPs
Unlike companies, LLPs are not required to conduct mandatory audits unless their turnover exceeds ₹40 Lakhs or their capital contribution exceeds ₹25 Lakhs. However, regardless of the audit requirement, every LLP must file the following two forms annually.
Crucial Warning: Just like companies, the late fee for non-filing of Form 8 and Form 11 is ₹100 per day per form. This accumulates rapidly and has no maximum cap.
1. Annual Return (Form 11)
Contains details of all the designated partners, their contributions, and summary of management affairs.
Due Date
Must be filed within 60 days of the closure of the financial year (i.e., by 30th May every year).
Penalty
₹100 per day of delay.
2. Statement of Account & Solvency (Form 8)
A declaration by the designated partners on the solvency of the LLP, along with details of its assets, liabilities, income, and expenditure.
Due Date
Must be filed within 30 days from the end of six months of the closure of the financial year (i.e., by 30th October every year).
Penalty
₹100 per day of delay.
Income Tax Return for LLPs
In addition to the ROC filings (Form 8 and 11), every LLP must file an Income Tax Return (ITR-5) irrespective of its revenue or profits.
- Without Tax Audit: Due by 31st July of the assessment year.
- With Tax Audit: Due by 31st October of the assessment year (if turnover exceeds ₹40 Lakhs).
Finally, do not forget that all Designated Partners holding a DIN must file the DIR-3 KYC every year before 30th September to avoid a ₹5,000 penalty.
Quick Docket
- Form 11 30th May
- Form 8 30th October
- DIR-3 KYC 30th September
- Audit Mandate Turnover > 40L