LLP Annual Compliances

Limited Liability Partnership Compliance: An LLP is required to be registered under the Limited Liability Partnership Act, 2008. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.

• Statement of Account & Solvency Filings:

Statement of Account & Solvency is a form that must be filed every year by all Limited Liability Partnerships (LLPs) registered in India. There is no specified format of preparing financial statements. LLP must attach Audited financials (if applicable), Contingent liability Statement (if applicable).

Statement must be signed by Designated Partners & Practicing Professional in digital mode.

• Filing of Annual Returns

LLP should file annual return within 60 days from the end of financial year. Details of all partners should be enclosed in the return. Details of companies & LLP where partner is a director or designated partner should be disclosed for all designated partners

• Filing of Income Tax Returns

LLP must file income tax return in relevant ITR forms. Currently, LLP should file income tax return in ITR-5

Relating to MCA Filings:

As per the Limited Liability Partnership Act, 2008 filing of Form 8 and Form 11 is a mandatory requirement for every registered LLP. Non-compliance with the LLP annual compliance leads to a penalty by MCA

Relating to Income Tax Filings:

There is a penalty non-submission of Income Tax returns.

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