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What is Limited Liability Partnership Return?

Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance. A Limited Liability Partnership has only few compliances to be followed every year which is amazingly low as compared to the compliance requirements placed on the private limited companies.

  • Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than INR 40 lakhs or if the contribution is more than INR 25 lakh.
  • Limited Liability Partnerships are required to file their Statement of Account & Solvency within a period of thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year.

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Statements of Accounts and Solvency.

  • All enrolled LLPs are required to have their books of accounts in place and fill in data with respect to the profit made, and other financial data in regards to business, and submit it in Form 8, every year. Form 8 must be attested by the signatures of the designated partners and should also be certified by a practicing chartered accountant or a practicing company secretary or a practicing cost accountant.
  • Failing to file, the statement of accounts & solvency report within the specified due date will lead to a fine of INR 100 per day. The due date to file form 8 for the financial year.

Filing Annual Return

  • Annual Returns are to be filed in the prescribed Form-11.
  • This form is considered as the summary of management affairs of LLP, like numbers of partners along with their names.
  • The form 11 has to be filed by 30th May every year.

Filing and Audit requirement under Income Tax Act

  • Limited Liability Partnerships whose turnover is more than INR 40 lakh or whose contribution has exceeded INR 25 Lakh have to get the books of account audited by practicing Chartered Accountants
  • The deadline to file the tax return for an LLP which is required to get his books audited is September 30th.
  • LLPs where tax audit is not required deadline, the due date for tax filing is July 31st.
  • LLPs which have entered into any international transactions with associated enterprises or have undertaken specified Domestic Transactions, need to file Form 3CEB.
  • LLPs should file their income tax return in Form ITR 5. This form could be filed online

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Documents Required For limited Liability company Return

  • PAN Card of the Partners
  • Address Proof of the Partners
  • Utility Bill of the proposed Registered Office of the LLP
  • No-Objection Certificate from the Landlord
  • Rental Agreement Copy between the LLP and the Landlord

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