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LLP Compliance
Annual Package For Accounting, Tax & Audit
Inr 6500/- Onwards (Excl Taxes)
Income Tax
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Firm)
- Din E-Kyc For 2 Directors
Inr 16500/- Onwards (Excl Taxes)
Income Tax & Gst
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Firm)
- Monthly Gst Computation
- Monthly Gstr 1
- Monthly Gstr 3B
- Din E-Kyc For 2 Directors
Inr 26500/- Onwards (Excl Taxes)
Income Tax & Gst & Audit Compliance
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Firm)
- Monthly Gst Computation
- Monthly Gstr 1
- Monthly Gstr 3B
- Income Tax Audit
- Qurterly Tds Returns
- Gstr 9
- Gstr 9C
- Din E-Kyc For 2 Directors
LLP Annual Filings
- Importance of Regular Return Filing for LLPs: LLPs must maintain compliance standards through regular return filing to avoid significant fines.
- Annual Compliance for LLPs: LLPs have simpler annual compliance requirements compared to private limited companies but face substantial fines for non-compliance.
- Penalties for Non-Compliance: Non-compliant LLPs may face penalties of up to INR 5 lakh, whereas private limited companies may face fines of INR 1 lakh.
- Filing Champs’ Services for LLP Compliance: Filing Champs offers tailored services to help LLPs efficiently comply with regulations and avoid fines.
- Take Action Now: Ensure your LLP’s compliance and prevent fines by taking action promptly.
Limited Liability Partnerships (LLPs) Compliance Requirements
LLPs Compliance Requirements:
- Maintenance of Proper Book of Accounts: LLPs must maintain accurate and up-to-date book of accounts.
- Filing of Annual Return: Annual return filing is mandatory for LLPs.
- Filing of Statement of Accounts: LLPs are required to file a statement of accounts.
- Filing of Income Tax Return (ITR – 5): LLPs must file their income tax returns using Form ITR-5.
- Filing of Tax Audit (If Applicable): If applicable, LLPs need to undergo tax audit and file accordingly.
Importance of Compliance:
- Adhering to these requirements not only maintains the LLP’s legal status but also enhances transparency, credibility, and financial accountability.
Maintenance of Proper Book of Accounts for LLPs
- LLPs must maintain detailed, up-to-date, and precise financial records.
- These records should encompass all financial transactions, income, expenses, assets, and liabilities of the LLP.
- Accurate bookkeeping is crucial for evaluating the performance and financial well-being of the LLP.
Filing of Annual Return - LLP Form 11:
- LLPs must submit an annual return to the Ministry of Corporate Affairs every financial year using Form 11.
- Form 11 collects important details about the LLP, including partner information, contributions, and authorized partners.
Filing Deadline:
- LLPs must submit Form 11 within 60 days after the end of the financial year, typically by May 30 each year.
Importance of Timely Filing:
- Timely submission is crucial as LLPs may face consequences if they fail to meet the deadline. For instance, they cannot cease or wind up operations until all yearly returns, including Form 11, are filed.
Penalty for Late Filing:
- LLPs are penalized Rs. 100 for each day of delay in submitting the annual filing documents.
Duration of Penalty:
- The penalty is applicable from the due date of filing until the actual submission date of the return.
Filing of Statement of Accounts - LLP Form 8
- LLPs must submit a Statement of Accounts and Solvency annually, detailing the LLP’s assets, liabilities, and financial status. This is done through Form 8.
Due Date:
- Form 8 must be submitted within thirty days after the end of the six-month financial year to maintain compliance.
Signing and Certification:
- Form 8 can be digitally signed by two designated LLP partners and must be certified by a cost accountant, chartered accountant, or company secretary.
Form Components: Form 8 consists of two main parts:
Penalty for Late Filing
- LLPs must adhere to the Form 8 filing deadline to avoid penalties. Failure to file on time results in a daily fine of Rs. 100.
- It’s crucial for LLPs to comply with Form 8 filing requirements to maintain their good standing and avoid penalties.
Audit and Tax Filing Requirements for LLPs
- LLPs must comply with specific audit and tax filing requirements as per the Income Tax Act of 1961 and the Limited Liability Partnership Act of 2008.
Tax Audit
- The threshold amount for tax audit is raised to Rs. 5 crore for Assessment Year 2021–22 (Financial Year 2020–21) under certain conditions.
- These conditions include cash payments limited to 5% of total payments under the Income Tax Act, and cash revenues comprising less than 5% of gross receipts or turnover.
Tax Filing Deadline (Without Tax Audit)
LLPs exempt from tax audit must file their taxes by July 31st.
International Transactions - Form 3CEB:
- LLPs engaged in specified domestic or international transactions with affiliated businesses must file Form 3CEB.
- A certified public accountant must sign this form.
- The deadline for LLPs to file Form 3CEB is November 30th.
Importance of Compliance:
- Compliance with these audit and tax filing requirements is essential for LLPs to fulfill their legal obligations and avoid penalties.
Income Tax Return (ITR - 5)
- LLPs are required to file their income tax return using Form ITR-5.
- The deadline for filing ITR-5 is July 31st, unless the LLP is subject to a tax audit, in which case the deadline is extended to September 30th.
- Information about the LLP’s revenue, expenses, and tax liabilities is included in the income tax return.
LLP Annual Filing Compliance Calendar is given here for your quick reference:
| Form Type | Description | Due Date | To be filed with |
|---|---|---|---|
| Form-8 | Filing of Statement of Accounts | 30th October | Registrar of Companies |
| Form-11 | Filing of Annual Returns | 30th May | Registrar of Companies |
| ITR – 5 | Income Tax Return | 31st July | Income Tax Department |
| ITR – 5 | Income Tax Return | 31st July | Income Tax Department |
| Audit | Tax Audit (only if applicable) | 30th September | Income Tax Department |
Benefits of LLP annual filing
- Enhanced Credibility: Annual filing boosts the credibility of the LLP, aiding in securing loans and meeting regulatory requirements.
- Financial Track Record: These filings establish a financial history for the LLP, attracting potential investors and partners.
- Maintains Active Status: Regular compliance prevents LLPs from being declared defunct, avoiding penalties and additional fees.
- Simplified Conversion and Closure: Consistent filings simplify the process of converting LLPs into other business structures and facilitate partnership dissolution.
Why Filing Champs?
- Efficient Process: Filing Champs streamlines the LLP annual filing process by handling essential tasks and providing expert guidance.
- Professional Assistance: Our specialists assist with accurate document preparation, obtaining digital signatures, and ensuring certification by certified professionals.
- Emphasis on Timely Filing: We prioritize filing documents on time to avoid penalties and comply with regulations.
- Reduced Risk of Non-Compliance: Our simplified process reduces the risk of non-compliance fines, allowing you to focus on your business operations.
- Simplified Compliance: Filing Champs simplifies the LLP annual filing process, ensuring compliance with the law.
LLP Compliance FAQs
LLP Annual Filings are mandatory submissions that LLPs must make annually to regulatory authorities.
They uphold the legal status of an LLP, ensuring transparency, financial accountability, and credibility.
Penalties can reach up to INR 5 lakhs, emphasizing the importance of meeting filing obligations.
Maintaining proper accounts, filing annual returns (Form 11), submitting statements of accounts (Form 8), and filing Income Tax Return (ITR - 5).
Within 60 days after the financial year-end, usually by May 30th each year.
Penalties of INR 100 per day of delay can apply.
Within 30 days from the conclusion of six months after the financial year ends.
Two designated partners, certified by a company secretary, chartered accountant, or cost accountant.
Similar penalties of INR 100 per day of delay may apply.
It's compulsory for LLPs with turnovers exceeding Rs. 40 lakhs or contributions over Rs. 25 lakhs, under certain conditions.
September 30th for tax audit, July 31st for LLPs without audit, and additional requirements for international transactions by November 30th.
Form ITR-5.
July 31st, or September 30th if a tax audit is mandatory.
They offer higher credibility, penalty prevention, and simplified processes for conversion or closure.
Filling Champs provides expert guidance and streamlined services to ensure compliance and reduce risks.
Yes, they offer a range of services, including GST registration and accounting.
Substantial penalties, loss of credibility, and potential legal issues can result.
Visit their website and follow the outlined steps for easy initiation.
It helps maintain good standing, avoid penalties, and ensure smooth business operations.
