Annual Compliances of LLP
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Overview of Annual Compliances of LLP
Limited Liability Partnerships (LLPs) are required to meet fewer criteria for compliance on filing annual returns, in comparison to private limited companies. LLPs are required to provide information related to the statement of accounts and returns on an annual basis.
Penalties, however, are huge for failure to comply. Entities that don't provide the requisite information are fined heavily, with penalties that can go up to Rs. 5 lakhs.
Benefits of Filing Annual Compliances for LLPs
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Documents Required for Filing Annual Compliance
The following forms must be filed annually by all LLPs:
Stress-Free Compliance
Form 8 (Statement of Accounts)
Must be filed within 30 days from the completion of 6 months after a financial year ends (by 30th October). Two designated partners must sign this form digitally, and a Company Secretary/Chartered Accountant/Cost Accountant must certify it. Form 8 has two parts — Part A (Solvency Statement) and Part B (Statement of Expenditure & Income, Statement of Accounts). A penalty of Rs. 100 per day is imposed for late filing.
Form 11 (Annual Return)
Contains details such as the total number of designated partners, details of partners, details of body corporate as partners, contributions received by partners, and a summary of all partners. All LLPs must file Form 11 within 60 days after the end of the financial year (by 30th May every year) along with the prescribed fee.
Partnership Firm Tax Return (ITR-5)
Partnership firms are required to file income tax returns in Form ITR-5. Online filing is mandatory for partnership firms required to obtain an audit, and a Class 2 Digital Signature is required for the Partner of the firm.
An LLP will not be allowed to close or wind up until it files all its annual returns. Therefore, all LLPs must file their annual returns on time to avoid penalties.