Limited Liability Partnership Annual compliance is Mandatory but it’s less compared to any Private or Public Limited company. The compliance of limited liability partnership includes two E-forms Form 11 and Form 8. The Income Tax filing must be done separately before due date after completion of every Financial year.
Form 11 is the Form for filing annual return of Limited Liability Partnership (LLP) with the Registrar and every LLP is required to file annual return within 60 days of closure of its financial year. To be specific Form 11 must be filed before the end of May 31. Avoidance of which can cause Rs 100 penalty for each day during the default continues. Filing of this form shall not be allowed in case there is any E-Form 4 (Notice of appointment, cessation and change in designation of a designated partner or partner) pending for payment of fee or any E-Form 4 is under processing in respect of the LLP.
Income tax filing for the Limited Liability Partnership should be done just like any other business entity with profit and loss account and Balance Sheet through ITR-5 before due date as notified from time to time by www.incometaxindiaefiling.gov.in.
Form 8 of Limited Liability Partnership is the Annual statement of Accounts and Solvency of the Limited Liability Partnership and Form 8 must depict the same details of the financial statement (Profit and loss accounts and Balance Sheet) which is filed in Income Tax. Avoidance of which can cause Rs 100 penalty for each day during which the default continues.
In case total turnover of the LLP/ FLLP exceeds Rs. 40 lakhs or partner’s obligation of contribution exceeds Rs. 25 lakh, then the eForm should be certified by the auditor of the LLP/ FLLP. In other cases, the eForm is to be certified by the Designated Partner in case of LLP and by Authorised Representative in case of FLLP.
Professional Certification:- In case the form is certified by a designated partner or authorised representative (i.e. total turnover of the LLP/ FLLP does not exceed Rs. 40 lakhs and partner’s obligation of contribution does not exceed Rs. 25 lakh) then the eForm is to be additionally certified by a practising professional.
In case the professional is a chartered accountant (in whole-time practice) or cost accountant (in whole-time practice), enter the membership number. In case the practising.
Annual return filing, income tax return filing and compliance management for a LLP with a turnover of less than Rs.10 lakhs per annum
Annual return filing, income tax return filing and compliance management for a LLP with a turnover of less than Rs.35 lakhs per annum.
Annual return filing, income tax return filing and compliance management for a LLP with a turnover of less than Rs.80 lakhs per annum.