LLPs are registered with the Ministry of Corporate Affairs and have separate legal entity. Therefore, LLPs are required to have follow less compliances as compared to Private Companies. LLPs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has made any profits or not.

There are three mandatory compliance requirements to be followed by LLPs i.e. Filing of Annual Return before 30th May every year, Filing of Statement of the Accounts or Financial Statements before 30th October every year, Filing of Income Tax Returns before 31st July or 30th September every year. It is required to be noted that a LLP is not required to file these Forms except ITR if the LLP is registered on or after 01st October. But if the LLP does not file the Form within its specified time, it is required to pay an additional fees of Rs. 100 per day which can go maximum upto 5 Lakhs.

Annual Compliances of LLP

A. Annual Return Filing:

 LLPs are required to file the Annual Return with the Registrar of Companies. LLP is required to file Form 11 prescribed format within 60 days from the close of the financial year that is   by 30th May of each year.

B. Filing of the Statement of Account & Solvency:

LLPs need to file declaration on the solvency in prescribed format of LLP Form 8. It contains details of the statement of assets and liabilities and statement of income and expenditure of the LLP. Form-8 is required to be filed within 30 days from the end of six months that is by 30th October of each financial year. LLPs with a turnover of more than Rs. 40 lakh or the ones with the contribution of more than Rs. 25 lakh need to get their books of accounts audited by an active chartered accountant.

C. Filing of Income Tax Return:

Form ITR 5 is required to be filed by LLPs to file their Income Tax Return which can be can be downloaded or filed online using the digital signature. LLPs whose accounts are not required to be audited need to file their returns latest by 31st July each year. Books of LLP is need to be audited if annual turnover is more than Rs. 60 lakh and return is to be filed latest by 30th September.

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