Registered LLPs with the Ministry of Corporate Affairs (MCA) needs to file the following mandatory compliance requirements :

Form 8

Form 8 consist of the statement of Account and Solvency. You should file Form 8 along with the fee, within 30 days from the end of six months of the financial year. Year ending for LLPs is 31st March of each year. Two designated partners must sign the form digitally. Further, it must be certified by a chartered accountant, auditor or the accountant of the company.

Form 8 consists of information related to the statement of assets of the LLP and liabilities and statement of income and expenditure of the LLP.

There are two types in Form 8. They are:

Part A – Statement of Solvency

Part B – Statement of Accounts, Statement of Income & Expenditure

(Filing of Annual Accounts/ Statement of Accounts/ Financial Statements/ P&L & Balance Sheet)

  1. a) LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.
  2. b) Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.
  3. c) LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.
  4. d) It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.

 

  1. Filing of Income Tax Return

LLP can file its return of income in ITR 5. it is mandatory for LLP to file return of income electronically under digital signature if its accounts are required to be audited under section 44AB.

Sl. No. Income Tax Return Particulars Due Date
 

1.

In case Audit is not required

(Those LLPs whose annual turnover does not exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to file their Income Tax. They are not required to get their accounts audited by their Auditor)

 

31st July of every year

 

2.

In Case Audit is required

(Those LLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to file their Income Tax. They are required to get their books audited under the Income Tax Act.)

 

30th September of every year

 

3.

LLPs Involved in International Transaction

(LLPs that entered into an international transaction with associated enterprises or undertook certain Specified Domestic Transactions are required to file Form 3CEB. Form 3CEB must be certified by a Chartered Accountant.)

 

30th November of every year

 Privileges for LLP in comparison to a Private Limited company :

  1. Exemptions from maintenance of Minutes book, Statutory Registers, and flexible tax rates etc.
  2. No, AGM is not required for an LLP. AGM is a once in a year meeting for Shareholders of the Company. As there is no concept of shareholding in an LLP, no AGM is to be held.
  3. Board meeting is generally associated with a Board of Directors meeting. There are no directors involved in an LLP, instead designated Partners run the business and are held responsible for compliances. Hence, Board of Partners meeting is suggested in case of an LLP firm.
  4. There is no limit on maximum number of partners.