Designated Partners must keep a proper book of accounts and file an annual MCA return each financial year because LLPs are separate legal organizations. Main compliances are LLP form 11, Form 8, and Income tax return.
.Form 11 is an annual return. Every LLP must file an Annual Return on Form 11 with the Registrar within 60 days of the financial year’s end, by May 30.
Form 8 is an account statement. Every year, LLPs must prepare and finalize their accounts by March 31. At least two Designated Partners must file Form 8 with the Registrar within 30 days of the Financial Year’s six-month end, October 30th.
Forms filed late incur Rs. 100 per day in penalty.
Form Type | Described | Due date | To be filed with |
Form-8 | Filing of Statement of Accounts | 30th October | Registrar of Companies |
Form-11 | Filing of Annual Returns | 30th May | Registrar of Companies |
ITR -5 | Income tax return | 31st July (or 30th September, if tax audit is mandatory) | Income tax department |
Audit | Tax Audit (only if applicable) | 30th September | Income tax department |
Late filing of such forms entail penalties of Rs. 100/- per day of default.
Limited-liability partnerships exist. Every LLP registered with the Ministry of Corporate Affairs must file Annual Returns and Statement of Accounts annually.
Each financial year, LLPs must comply with three key requirements. a) Form 11 LLP Annual Return a) Form 8 LLP Financial Statements Income Tax Returns.
Every LLP must file Annual Returns and financial accounts with the Ministry, even if they do not operate business. Even NIL returns are required by law.
Only LLPs with a turnover or donation over Rs. 40 lakhs or Rs. 25 lakhs must have their accounts audited.
Filing of Annual Return (Form 11): Form 11 summarises all Designated Partners and whether the LLP management has changed. Every LLP must file an Annual Return on Form 11 with the Registrar within 60 days of the financial year's end, by May 30. Statement of Accounts (Form-8): Every LLP must prepare and close its accounts by March 31. After six months of Financial Year, at least two Designated Partners must file From 8 with the Registrar within 30 days. The deadline for filing annual accounts is 30 October.
Every LLP must file an annual income tax return. Annual LLP return filing deadline is July 31. However, LLPs under tax audit must file their income tax return by September 30. Every LLP whose turnover exceeds INR 2 Cr. for a business or INR 50 Lakh for a profession must have its books of accounts tax audited under section 44AB of the Income-tax Act. The audit must be completed and filed by September 30.
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