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Being a registered entity, LLP is treated as an artificial legal person in relation to regulatory compliance provisions. After registration, an LLP has to comply with the legal and regulatory requirements of various laws
The partners are required to ensure the compliance of the provisions under the respective acts and rules while conducting business activities and regulatory procedures.
Corporate compliance is an essential part of the corporate function of an LLP, failing which stringent penalties are imposed under the provisions of the LLP Act.
While running the business, an LLP has to comply and adhere to various legal process and procedures as required under the LLP Act and Rules. For an LLP, compliance is ensured by way of filing of periodic and event-based returns with the ROC.
ANNUAL STATUTORY COMPLIANCE
All LLPs are required to file the following returns every year mandatorily whether it does business or not.
All LLPs registered on or before 30th September are required to close their financial year on 31st March of the following year.
An LLP registered on or before 30th September of a year is required to file returns with the ROC as follows:
Filing of Annual Returns
An LLP is required to file its annual returns with the ROC (Form 11) within 60 days of closure of its financial year. Therefore, annual returns need to be filed on or before 30th May every year.
Filing of Annual Accounts
Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. The LLP has to file such accounts with the Registrar of LLPs (Form 8) within 30 days from the end of 6 months of such financial year. Therefore, annual accounts need to be filed on or before 30th October every year.
If the annual turnover exceeds Rs.40 lakhs or contribution exceeds Rs.25 lakhs, the LLP shall be required to get its accounts audited by a qualified Chartered Accountant.
EVENT-BASED/PROCESS COMPLIANCES
The following are few instances that require an LLP to file returns with the Registrar of Companies from time to time:
Events that requires filing of returns:
Changes in Partners/Designated Partners: Admission, Assignment of LLP Rights Resignation and Removal thereof.
Increase/reduction of capital contribution
Creation/Modification/Satisfaction of Charges
Change in Registered Office of the LLP
Process-related filing requirements
Change of LLP Name
LLP COMPLIANCE CALENDAR
LLP – Annual Compliance Calendar
The following are few instances that require an LLP to file returns with the Registrar of Companies from time to time:
Every registered LLP has to file periodical returns for every year, whether it does business or not.
All LLPs registered on or before 30th September of a year are required to close their financial year on the 31st March of the Following year.
LLP’s Registered on or before 30.09.20XX
All LLPs registered on or before 30th September of a year have to file returns with Registrar of LLPs and the Income Tax Department.
Registrar of LLPs
Returns
Last date for filing
Annual Returns (Form 11)
30.05.20YY
Accounts (Form 8)
30-10-20YY
Income Tax
IT Returns
Last date for filing
In case audit is not required
31-07-20YY
In case audit is required
30-09-20YY
LLP’s Registered on or after 01.10.20XX but before 31.03.20YY
All LLPs registered on or after 01.10.20XX but before 31.03.20YY have to file income tax returns for the period ended on 31.03.20YY.
