LLP or the Limited Partnership is a hybrid combination of a limited and partnership company.
A Limited Liability Partnership enjoys a separate status, therefore, it is the responsibility of the Designated Partners to maintain a proper book of accounts and file an annual return with the MCA each financial year. Annual compliance filing is mandatory for any LLP, whether having a business or not. The financial year for the LLPs starts from the 1st of April to the 31st of March.
The main compliances for LLP are Form 11, Form 8 & Income tax return.
Every private limited Company shall maintain proper books of accounts which shall represent an accurate and fair value of the state of affairs of the company. Accounting is necessary for the statutory audit. Annual filing and Income tax return filing which is mandatory.
Form 11 is a statement of annual return. 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. Annual Returns have to be filed on or before 30th May every year.
Form 8 is a statement of accounts. Every LLP is required to prepare and close its accounts until the 31st March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year i.e. 30th October every year.
Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner.
DIR 3 KYC is a form to be filed by Every director who has been allotted DIN (Director Identification Number).
The failure to fulfill LLP Annual Compliance requirements (Form 11 and Form 8) levies an additional fee of Rs 100 each day of a delay till the actual date of filing. Hence, apart from the mandate, the heavy penalty compels the Designated Partners to fulfill the requirements.
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