658-593-8295
DumDum, Kolkata,
PIN:- 700028
92295 82295
praharfiling@gmail.com
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A Limited Liability Partnership (LLP), regulated by the Limited Liability Partnership Act, 2008, is a popular business structure in India because of its flexibility, limited liability for partners, and fewer compliance requirements compared to companies. However, LLPs are still required to follow certain annual compliance regulations to avoid penalties and stay in good standing with authorities like the Registrar of Companies (ROC) and the Income Tax Department.
This guide covers all the essential annual compliance requirements for LLPs in India in a simple and easy-to-understand manner.
Meeting annual compliance is important because it helps LLPs:
Below are the major annual compliance requirements for LLPs registered under the Limited Liability Partnership Act, 2008:
| Compliance | Applicability | Timeline |
|---|---|---|
| Filing of Annual Return (Form 11) | All LLPs | Must be filed within 60 days of the end of the financial year, i.e., by May 30 each year. |
| Filing of Statement of Account & Solvency (Form 8) | All LLPs | Must be filed within 30 days of the end of six months of the financial year, i.e., by October 30. |
| Income Tax Return (ITR) Filing | All LLPs, regardless of turnover | July 31 if audit is not required. September 30 if audit is required. |
| Maintenance of Books of Accounts | All LLPs | Books must be maintained on a cash or accrual basis and kept for at least 8 years from the close of the financial year. |
| Tax Audit | LLPs with annual turnover exceeding ₹40 lakhs OR LLPs with capital contribution exceeding ₹25 lakhs | The audit report must be filed along with the income tax return by 30th September. |
| Designated Partner KYC (Form DIR-3 KYC) | Every designated partner | Before 30th September each year. |
In addition to annual filings, LLPs must meet additional compliance requirements when specific events occur:
| Event | Form to be Filed | Deadline |
|---|---|---|
| Change in Partners | Form 4 | Within 30 days of the change |
| Change in Registered Office | Form 15 | Within 30 days of the change |
⚠️ Warning: Failing to meet annual compliance deadlines can lead to severe penalties:
Q1: Is filing Form 8 mandatory for all LLPs?
Yes, every LLP must file Form 8 to declare its financial position, regardless of turnover.
Q2: What happens if an LLP fails to file Form 11?
Failure to file Form 11 results in a penalty of ₹100 per day until the filing is completed.
Q3: Do LLPs with no business activity still need to comply with annual filings?
Yes, even LLPs with no business operations must file Form 8, Form 11, and an income tax return.
Q4: Are all LLPs required to get their accounts audited?
No, only LLPs with a turnover above ₹40 lakhs or capital exceeding ₹25 lakhs are required to get their accounts audited.
Maintaining annual compliance for LLPs is crucial to avoid penalties and keep the business running smoothly. LLPs must file annual returns, financial statements, and tax returns, among other obligations. Even dormant LLPs must meet these requirements. By following the right procedures and deadlines, LLPs can ensure compliance and focus on growing their business.
For help with LLP compliance or audit support, reach out to Prahar Filing & Advisory for expert services.
DumDum, Kolkata,
PIN:- 700028
92295 82295
praharfiling@gmail.com
As a fellow small business owner, we know the fulfillment that an a comes from running your own business contact to Financy.
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