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Sunday, 3 December 2017

LLP Compliance Checklist

There are 3 major compliances:
a) Annual Return in Form 11
b) Statement of the Accounts or you can say Financial Statements of the LLP in Form 8
c) Income Tax Returns Filings.
Whether Mandatory for all?
Every LLP have to maintain the compliance even if they are doing the business or not, the reason is simple you know that you are not doing the business but government of India don’t know that, so through the annual statements or filings you are giving information to the government about your organisation.
Annual Return in Form 11
Annual Returns or you can say Form 11 is a Summary of LLP's Partners like whether there is any changes in the management of the LLP. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e the Annual Returns has to be filed on or before 30th May every year. i,e 30-05-2017 is the last date for filing annual Returns this year.
Statement of the Accounts in Form 8
Every LLP or any other legal entity from Solo firm to Private limited company have to prepare their accounts so even you got the information regarding your business that how much profit is earn by your LLP. Every LLP have to close their accounts till the 31st march 2017 on this year. All LLPs are required to maintain the Books of Accounts in Double Entry System and has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. LLP Form 8 to be filed with the Registrar of LLPs on or before 30th October every year. i.e 30-10-2017 is the last date for filing annual accounts this year.
Income Tax Returns Filings.
Every LLP have to file the Income Tax Returns for the year 2017. In simple words LLP is a separate legal entity so with the partner's income tax return you have to always file the LLP Income tax return is a form where you show your LLP Income and calculate the tax liability & pay the taxes to government of India. LLP have to calculated their tax liability from their financial statements for the year 2017. Mostly Income Tax Return Last date is 31st July 2017 in this year for the Individual and legal entities. but In case where Audit is required, the last date for filing Income Tax returns is 30th September 2017. If the LLP has not carried any business during the year ended 31.03.2016, the LLP has to file a NIL IT RETURN with Income Tax Authorities.
Audit/ Certifications:
Audit Requirement under LLP Act:
Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant. means your all the statements is certified by the CA.
Audit requirement under Income Tax Act:
Audit of accounts is mandatory requirement under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.
Certifications from PCS:
In case of LLPs with turnover more than five crore rupees in a financial year or contribution more than fifty lakh rupees, the annual return shall be certified by a Company Secretary in Practice.

Be Informed!
Penalty: "If filing is not done within stipulated time, there is penalty of Rs.100 per day till it is complied. You cannot close or wind up your LLP without filing Annual Accounts. So if you don’t file on time, your LLP turns into unlimited statutory liability till the day it is complied."

For expert assistance in Drafting LLP Agreement, Registration, Filing of Annual Returns and IT Filing and hassle free compliance contact us at +91 9900397777 or mail us at


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