DOCUMENTS FOR LLP REGISTRATION | POST LLP REGISTRATION COMPLIANCES

Limited Liability Partnership Compliances here we will try to narrate compliances to be done by LLP in ROC and Income tax. 

 In ROC Annual filing is to be done through Form 8 and Form 11 and Audit of LLP depends upon its Turnover  and Contribution by Partners.

Limited Liability Partnership Compliances : 

ROC Compliances:-

 1. Form 11: Annual Return : Details about Partners and Change in Management: Every LLP should file Annual Return in Form 11 within 60 Days of Financial Year i.e. on or before 30th May every Year. 

2. Form 8: Statement of Account: Details about Financials, Balance Sheet and Profit and Loss A/c: Should be filed on or before 30th October every year.

     (a) Accounts may be prepared on Cash or Accrual Basis

    (b) Mandatory Audit: If Turnover exceeds 40 Lacs  or contribution exceeds 25 Lacs 

 In case LLP filing is not done within prescribed time i.e If Form 11 Annual Return and Form 8 Statement of Account not filed by May or October Respectively then a penalty of Rs. 100/- per day will be applicable and has to be borne by the LLP.

 

For Example if Form 11 Annual Return is filed on 23rd June which should have been filed by 30th May then it is delayed by 23 days. Thus apart from Normal fees, an additional fees of 23 days multiplied by 100/- per day has to be borne by the LLP which is equal to Normal Fees+2300/-.

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Limited Liability Partnership Compliances :  

ITR Compliances

1. Audit not mandatory: i.e. Turnover does not exceed 40 Lacs / Contribution  does not exceed 25 Lacs:- 

Due Date of ITR 31st July each year

2. Audit mandatory: i.e. Turnover exceeds 40 Lacs / contribution exceed 25 Lacs:- 

 

 Due Date of ITR 30th September each year