All the Limited Liability Partnership registered in India is required to fulfil certain mandatory compliance that are set by the MCA for LLP. Not only with ROC but the LLPs needs to be complied with the Income tax filings and GST Return filing requirement as well. In this article we have given an overview of mandatory compliance calendar for an LLP.
A limited Liability Partnership means a business where minimum two partners are required and there is no limit on the maximum number of partners. The liability of the partners are limited up to the extent of Capital contribution done by each partner in LLP.
LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. The LLP is a separate legal entity, liable to the full extent of its assets but liability of the partners is limited to their agreed contribution to the LLP.
As soon as an LLP is incorporated, there are certain mandatory compliance which an LLP is required to fulfill. If an LLP fails to comply with these requirements, it may have to pay hefty penalties. Let’s have a look at the list of important compliance that an LLP needs to follow after the registration in India.
One Time Mandatory Compliance calendar for LLP |
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LLP Compliance Check list |
Description and Timeline |
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LLP Form 3 |
The Partners of an LLP are required to execute an LLP Agreement and a copy has to be filed with the Registrar or Companies in LLP Form 3 with in 30 days of incorporation of LLP. |
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Opening Bank Account |
It is necessary to open a Current Account in the name of the LLP with any Bank in India. All the transactions in the name of the LLP should be transacted through the LLP Bank Account only. |
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PAN & TAN number |
Every LLP has to obtain a Permanent Account Number (PAN) & Tax Deduction and Collection Account Number (TAN) from Income tax department. (With the LLP 2nd Amendment Rules, 2022, the same shall now be allotted with the Incorporation Certificate itself.) |
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GST registration |
Every business with annual turnover exceeds Rs. 40 lakhs (Service providers 20 lakhs) is required to GST Registration under Goods and Services Tax (GST) Act and Rules. It is not mandatory to obtain GST immediately after incorporation of the LLP. The LLP can obtain this registration as and when required. |
Yearly Mandatory compliance calendar for LLP |
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Statement of Accounts and Solvency in LLP Form 8 |
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. The Statement of Account and Solvency can now be signed on behalf of the LLP by its an interim resolution professional. (LLP (2nd Amendment) Rules, 2022. |
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Annual return in LLP Form 11 |
Annual Return or Form 11 is a Summary of all the Designated Partners like whether there are any changes in the management of the LLP or not. It is required to be in Form 11 to the Registrar within 60 days from the closure of financial year |
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Income Tax Return |
Every LLP has to file Income Tax Returns every year. The last date of filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September. |
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DIR 3 KYC |
Each designated partner for an LLP is required to file form DIR 3 KYC on for before 30th September of each Financial year. |
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Audit |
It may be noted that only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited. |
If there is a delay in filing Form 8 and 11 of LLP, you will have to pay the penalty of Rs. 100 per day of default. One cannot close or wind up their LLP without filing Annual Accounts. Also, Non-compliance of any of the mandatory requirement may lead to hefty penalties.
Also, there are a few more important changes have been made through LLP (Second Amendment) Rule, 2022, which are as follows:
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