Navigating Compliance Understanding LLP Annual Filing Requirements

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

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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

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