LLP or Limited Liability Partnership Firm is governed by Limited Liability Partnership Act, 2008. Minimum of 2 Partners are required to incorporate an LLP. LLP have almost all the benefits like that of a private Limited Company with less compliances.

Every LLP has to file certain mandatory returns. Filing these returns are mandatory even where LLP was not doing any business.

FORM 11

Every LLP is required to file Annual returns in Form 11 within 60 days of closer of financial year with the Registrar.

Details of LLP and/ or company in which partners/ designated partners (DP) are directors/ partners (in any LLP/company) are required to be mentioned in the Form.

Along with this, details such as Total contribution by/to partners of the LLP and details of notices received towards Penalties imposed / compounding offenses committed during the financial year are to be declared.

FORM 8

Form-8 is a statement of accounts & solvency. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and it is capable of paying its liabilities or debts and also contains the key particulars of the financial statement of the LLP.

The due date for filing Form 8 of LLP is 30th October of each financial year.

WHETHER AUDIT IS MANDATORY OF ALL LLPs

LLP whose turnover does not exceed, in any financial year, 40 lakh rupees or whose contribution does not exceed 25 lakh rupees is not required to get its accounts audited.

However, if the partners of such Limited Liability Partnership Firm decide to get the accounts of such LLP audited, the accounts shall be audited in accordance with such rules.

PENALTY FOR NON FILING OF LLP FORMS

Penalty of Rs. 100 per day is chargeable till the date of filing, in case non-filing of form within due date.

OTHER COMPLIANCES FOR LLP

1. INCOME TAX RETURN (ITR): ITR has to be filed every year by LLPs with Income Tax Department before the due date.

Due date for filing ITR is 31st July for LLP whose accounts are not required to be audited under any law.

And in case accounts are required to be audited under any law, the due date will be 30th September.

2. DIR-3 KYC: Every Designated Partner of an LLP who holds a DIN (Director Identification Number) allotted on or before 31st March of every financial year has to file DIR-3 KYC.

If the KYC is not filed before due date, penalty of Rs. 5000 is charged and the DIN will be marked as ‘deactivated’ with reason as ‘non-filing of DIR-3 KYC’.

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You may contact the author for further information at 9899595719 or acakunalchhabra@gmail.com

Disclaimer: The above article is only for information purpose and is on based on the author’s interpretation of the relevant provision. The same should not be considered as professional advice.

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Experienced Chartered Account with a demonstrated history of working in the accounting industry. Skilled in GST, Income Tax, Internal Audit, Due Diligence, Account Reconciliation, Auditing, and Accounting. Strong accounting professional with a Bachelor of Commerce (B.Com. Hons) focused in Tax Law/Ta View Full Profile

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