Compliances (Pvt. Co.)

Compliances (Pvt. Co.)2019-03-08T08:22:25+00:00

Annual Compliances for LLP In India:


A Limited Liability Partnership (or LLP) is a form of business structure in which the liabilities of each partner is limited to their agreed contribution in the LLP
The LLP annual compliance has to be met by each and every registered LLP even if there is no business activity.
It is mandatory for a LLP to file a return irrespective of whether it has done any business.mandatory compliance requirements to be followed by LLPs:
• Filing of Annual Return
• Filing of Statement of the Accounts or Financial Statements
• Filing of Income Tax Returns

Benefits of Proprietorship Business:

• Not required to file any annual report or financial statements with the MCA
“• Major Statutory Compliances is limited to:
• GST Returns
• Income Tax Returns
• TDS Returns”

“• Annual Return or Form 11 is a summary of an LLP’s Partners which contains detail:
• Number of partners
• Total contribution received by all partners
• Details of body corporate as partners and summary of partners”
• It is also an indication of whether there is any change in the management
Due Date:
• Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of a financial year(i.e upto 30th May)
Late Filing Levy:
If LLP Form 11 Annual Return is not filed on or before the due date of 31st May, then a penalty of Rs.100 per day until the non-compliance continues will be applicable. As there is no cap on the penalty, the amount would increase over time. Hence, it is important to file the on time to avoid heavy penalty.
Mandatory to be filed by every LLP annually.
“• LLPs are required to file their income tax return using Form ITR 5.
Required: Digital signature of the designated partners.”
• As per the Income Tax Act, all LLPs are required to close their financial year by the 31st of March and accordingly file the returns with the IT Department.
• LLPs whose accounts are not required to be audited need to file their returns latest by 31st July each year.
• If tax audit is required, due date for filing is 30th September.
• LLPs that have got engaged in international transactions or have undertaken specific domestic transactions have to file Form 3CEB. The form needs to be certified by a qualified chartered accountant and is to be submitted by 30th November of each year.
• Form 8 contains the statement of solvency
• Declaration by all the designated Partners of an LLP that they have sufficient solvency to pay off all of their debts that will become due in the normal course of business
• Form 8 contains two parts:
• Part A- Statement of Solvency
• Part B- Statement of Accounts, Income and Expenditure Statement
Due Date:
This form has to be filed by the LLP on annual basis. It must be filed within 30 days from the end of 6 months of a financial year with the Registrar of Companies i.e( upto 30th October).
Late Filing Levy:
Failure to file LLP Form 8 upto due date can incur a penalty of Rs.100 per day. In addition to filing LLP Form 8, all LLPs must all file LLP Form 11 before 30th May of each financial year.
Applicability of Tax Audit:
LLP with an annual turnover of more than Rs.40 lakhs or capital contribution of Rs.25 lakhs are required to be audited by a Chartered Accountant. Maintenance of book of accounts is mandatory for LLP, irrespective of annual turnover.
After Due Date: Rs. 5000
After 31st December(Extended Due Date): Rs. 10000
Brief About Filing GST Returns:
In case your proprietorship business have GST registration, filing of GST would be mandatory. However due date of filing of different forms will depend upon scheme that you have opted as per your turnover.
For Regular Tax Payer:

Filing of GSTR-1

Due date of Filing: 10th of every following month however for turnover upto 1.5 crore, ,may opt for quarterly filing

Filing of GSTR-2

Due date of Filing: 15th of every following month

Filing of GSTR-3

Due date of Filing: 20th of every following month

Brief About Filing TDS Returns:

TDS return must be filed by all entities required to deduct tax at source and having TAN registration
• Filing of TDS Returns: Quarterly
• Due Date of Filing TDS Returns:
Q1: 31st july
Q2: 31st october
Q3: 31st January
Q4: 31st May

Pre-requisites For Annual Compliance Fulfillment:

• Maintain Proper Books of Accounts.
• Prepare and File Balance Sheet.

Implications on Business:

Managing the day to day operations of your business along with complying the applicable laws can be little taxing for any entrepreneur. Often entrepreneurs get overwhelmed by the number of compliances and in absence of professional guidance end up paying interest and penalties. Hence, it is essential to take help of a professional and also understand such legal requirements to ensure timely fulfilment of compliances, without any levy of interest or penalty.

Our Key Services Related to Annual Statutory Compliances:


Proprietorships are required to maintain accounts and prepare financial statements at the end of each financial year.
Our Compliance team can help you in maintaining the accounts and preparing the financial statements.

Filing of Form 11
Filing of Form 8
GST Return Filing:
TDS Return Filing

Our Services:

iNext is a leading company which values your focus towards core activities of business and provides all solutions related to annual statutory compliances.
Our Key Services Related to Annual Statutory Compliances:

Contact Info

iNext Solution, 78-79, 3rd Floor, Shiva Arcade, Acharya Niketan, Mayur Vihar Phase – 1, Delhi, Delhi, 110091, India

Phone: +91 11 4357 0296

Mobile: +91 93 50 514064