Annual Compliance - LLP

A limited liability partnership, or LLP, is a hybrid between a limited liability company and a partnership. An LLP must have a minimum of two partners; there is no maximum number.
Limited Liability Partnerships must file their annual returns within 60 days of the fiscal year's end and their account statements and certificates of solvency within 30 days of the end of the six-month period after the fiscal year's end.
The LLPs' fiscal year runs from April 1 to March 31, inclusive. The statement of accounts and solvency is due on the last day of October of each fiscal year, whereas the annual return for LLPs is due on the last day of May.

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Annual filing for Limited Liability Partnerships

The LLPs must choose the partners who will keep accurate books of accounts and submit yearly returns to the Ministry of Corporate Affairs.
Except in cases where the LLPs' annual turnover exceeds Rs. 40 lakh or if the contribution exceeds Rs. 25 lakh, the LLPs' books of accounts do not need to be audited. As a result, the LLPs' annual filing process is less complicated. Even if the LLP has not started doing business, some annual filings are required.

The due date for Income Tax Returns

The deadline has been extended from December 31st, 2020, to January 10th, 2021, and if a tax audit is necessary for an LLP, the deadline for IT returns for LLP has been extended from January 31st, 2021, to February 15th, 2021.
The LLP must file a Nil Income Tax return with the tax authorities even if it did not conduct any activity during the current fiscal year.

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Annual Compliance - LLP FAQ?s

The Partners must submit their yearly returns and statement of accounts on time to the MCA.

An LLP is required to submit the financial statement of the accounts and solvency, the income tax return, and the LLP annual return on Form 11.

All LLPs that are registered in India are required to submit the LLP Form 8, also known as the statement of account and the solvency, once a year. No matter the turnover, it is filed with the MCA.

The LLPs are business entities that are run in accordance with the laws and regulations outlined in the LLP Act 2008. Regardless of turnover, LLPs are required to provide yearly returns with information on management and financial performance. Any delay in doing so will result in severe fines.

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