Navigating Compliance Understanding LLP Annual Filing Requirements

033-22300188


	Home Team Services Income Tax GST Corporate Services Audit Corporate Finance Services for Non-Residents Accounting Services Payroll Benefits of Outsourcing TDS Corporate Governance Startups Management Reporting, Accounting & Outsourcing Blog Knowledge Pools Webcast & Videos Articles Compilation Important Links Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Installment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply Query Careers Admin Login Email Login Time Sheet Contact Us

Blog Categories

Navigating Compliance Understanding LLP Annual Filing Requirements
Category: LLP, Posted on: 13/12/2023 , Posted By: Sumit Bihani and Medha Sureka

Visitor Count:209

BRIEF OVERVIEW OF LLP & APPLICABLE MANDATORY COMPLIANCES

INTRODUCTION

A limited liability partnership is a type of business structure combining elements of a partnership and a corporation.
LLPs provide limited liability protection to their partners, like the protection offered to shareholders in a corporation.

KEY FEATURES OF LLP: -

Aspect	Description
Limited Liability	Partners are not personally liable for business debts; liability is limited to the amount invested in the LLP.
Flexibility in Management	LLPs provide flexible management structures, allowing active partner involvement in day-to-day operations with less rigidity compared to corporations.
Pass-through Taxation	Profits and losses pass through to individual partners, who report them on personal tax returns.
Separate Legal Entity	An LLP is a distinct legal entity from its partners, enabling it to enter contracts, own property, and be involved in legal actions in its own name.
Registration and Compliance	LLPs must register with government authorities and adhere to jurisdiction-specific regulations. The registration process involves filing necessary documents and agreements.
Professional Services	Particularly popular among professionals (e.g., lawyers, accountants) seeking limited liability benefits while actively participating in business management.

APPLICABLE MANDATORY COMPLIANCE ON LLP: -

Requirement	Applicable section	Filing Details	Due Date	Penalties
Annual Return-Form 11	Section 34(2) of the Limited Liability Partnership Act, 2008	Details about partners, business activities, and financial statements.	Within 60 days from the end of the financial year i.e., 30^th May.	Rs.100 per day till the date of Filling
Financial Statements-Form 8	Section 34(2) and Rule 24(2) of the Limited Liability Partnership Act, 2008, along with the Limited Liability Partnership Rules, 2009.	Includes Balance Sheet, Profit and Loss Account, and other financial details.	Within 30 days from the end of six months of the financial year i.e., 30^th October.	Rs.100 per day till the date of Filling
Income Tax Return (ITR)	The Income Tax Act, 1961	File income tax returns with the Income Tax Department. Accurate financial reporting.	As per income tax filing deadlines (If Audit not mandatory due date is 31^st July and is audit is applicable than due date is 31^st October.	Minimum-Rs.1000 Maximum to Rs. 5000.u/s 234F
Audit of Accounts	Section 34(4) of the Limited Liability Partnership Act, 2008	Audit required when- Turnover-Rs.40 Lakh Capital Contribution-Rs.25 Lakh at any time during the F-Y.	As per statutory audit requirements

Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose.

To Activate comments you need to provide details for google authentication and facebook authentication

89174 Times Visited