Compliance of LLP
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A Limited Liability Partnership is an individual/separate legal entity registered under the Ministry of Corporate Affairs (MCA) in India. To establish an LLP, there can be at most two persons as partners, with one mandatorily being an Indian citizen and resident. Partners in an LLP are responsible for maintaining proper bookkeeping, filing an Income Tax Return, and submitting an annual return to the Ministry of Corporate Affairs (MCA) for every financial year.
For the establishment of a Limited Liability Partnership (LLP), regular returns must be filed to ensure compliance and avoid substantial penalties for non-compliance. While an LLP has fewer annual compliance requirements compared to private limited companies, the associated penalties can be substantial. Non-compliance may result in a penalty of up to INR 5 lakh for an LLP, whereas a private limited company may face penalties of INR 1 lakh.
Limited Liability Partnerships, being a separate legal entity, place the responsibility on elected partners to maintain proper bookkeeping and file an annual return with the Ministry of Corporate Affairs (MCA) annually. LLPs are not required to audit their books of accounts unless their yearly turnover exceeds INR 40 lakhs or if the investment or contributions to the company surpass INR 25 lakh. Therefore, if an LLP meets the specified conditions, the process of annual filing becomes simpler as auditing is not mandatory.
All registered LLPs are required to maintain their books of accounts and disclose financial details such as profits, sales, and other economic data in Form 8 annually. This form must be endorsed with the impressions/signatures of designated partners and certified by a practicing chartered accountant, company secretary, or cost accountant. Failure to file the statement of accounts and solvency records by the specified due date will result in a fine of INR '100' per day. The deadline for submitting Form 8 for the financial year 2017-18 is October 30, 2018.
Annual Returns are to be submitted in the designated Form-11. This Form is to be entertained as a summary of the management affairs of LLP. These are like numbers of partners, simultaneously with their names. However, form 11 has to be filed by May 30 every year.
As explained earlier, Limited Liability Partnerships whose turnover is higher than INR 40 lakh or whose participation has exceeded INR 25 Lakh have to get the books of account audited by practicing 'Chartered Accountants.' The last date to file the tax return for an LLP, which is supposed to get his books evaluated, is September 30.
There are 3 compliances that are necessarily needed for every LLP to comply for any financial year.
Only those LLP whose annual turnover exceeds Rs. Forty lakhs or whose capital contribution exceeds Rs. 25 lakhs
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