Limited Liability Partnership

LIMITED LIABILITY PARTNERSHIP (LLP) IS REGISTERED UNDER THE LLP ACT, 2008 IN INDIA .THERE IS THE MANDATORY COMPLIANCE FOR THE LLP TO FILE THEIR ANNUAL RETURN AND INCOME TAX RETURN IN EACH FINANCIAL YEAR.

IN CASE OF  FAILURE ON THE PART OF NON FILING OR INPROPER OR INCOMPLETE FILING OF TAX RETURN OF LLP, IT ATTRACTS HUGE PENALTY OR IN SOME CRITICAL CASE DISQUALIFICATION OF DESIGNATED PARTNER.

MANDATORY ANNUAL COMPLIANCE OF LLP ARE AS FOLLOWS:-

  1. FILING OF ANNUAL RETURN OF LLP WITHIN PERIOD OF SIXTY DAYS WHICH IS COUNTED FROM THE END OF CLOSE OF FINANCIAL YEAR.

 

  1. FILING OF STATEMENT OF ACCOUNT AND SOLVENCY OF LLP WITHIN PERIOD OF THIRTY DAYS WHICH IS COUNTED FROM THE END OF SIX MONTHS OF CLOSURE OF FINANCIAL YEAR.

 

 

  1. FILING OF INCOME TAX RETURN IN FORM ITR-5 IS MANDATORY FOR LLP IN EACH FINANCIAL YEAR.

 

  1. IN CASE TAX AUDIT OF LLP IS MANDATORY ,THEN THE DUE DATE IS 30TH SEPTEMBER FOR THE RETURN.

 

  1. IN CASE TAX AUDIT OF LLP IS NOT MANDATORY THEN THE DUE DATE IS 31ST JULY .

 

DUE DATE OF FILING OF ANNUAL RETURN IN FORM LLP 11 FOR LLP IS 30TH MAY .

 

DUE DATE OF FILING OF STATEMENT OF ACCOUNTS AND SOLVENCY  IN FORM LLP 8 IS 30TH OCTOBER.

 

TAX AUDIT OF LLP IS MANDATORY BY A PRACTICING CHARTERED ACCOUNTANT IN CASE ANNUAL TURNOVER OF LLP EXCEED RS.40 LAKHS OR THE CONTRIBUTION OF DESIGNATED PARTNERS EXCEEDS RUPEES 25 LAKHS.

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