LLP Compliance
LLP or the Limited Partnership is a hybrid combination of a limited and partnership company. Minimum two partners are required to incorporate an LLP there is no such upper limit.
Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.
The financial year for the LLPs starts from the 1st of April to the 31st of March. After completion of a Financial Year, Partners should file two types of MCA annual returns every financial year. The two forms are Form 8 and Form 11.
Form 8
Form 8 consists of the statements 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, i.e. October 30.
Form 11
Form 11 consists of annual returns. The form should contain the complete details of all the partners, their contributions towards the company, etc. You should file Form 8 along with the fee, within 60 days of the financial year. The year ending for LLPs is 31 March of each year. Therefore, LLPs have to file the LLP Form 11 on or before 30 May every year.
Income Tax Rate for LLP
The income tax rate applicable for LLPs registered in India is 30% of the total income. Besides the income tax, a surcharge is levied on the income of the tax payable at the rate of 12% when the total income is exceeding Rs.1 crore.
LLP Tax Audit
LLPs are required to get the accounts audited by a practicing chartered accountant if the annual turnover in any financial year exceeds Rs. 40 lakhs or if the contribution exceeds Rs. 25 lakh.
To avail exemption from audits, the LLP accounts must contain a statement by the partners to the effect that the partners acknowledge their responsibilities for complying with the requirements concerning accounting and preparation of financial statements.
Package for Annual Filing for LLP Company
Package Includes |
Mandatory Basic Package ₹6,999/- + Taxes |
Standard Package ₹9,999/- + Taxes |
Premium Package ₹12,999/- + Taxes |
Form 11 |
YES |
YES |
YES |
Form 8 |
YES |
YES |
YES |
ITR Filings for the company |
YES |
YES |
YES |
ITR of Individual Partners |
YES |
YES |
YES |
KYC for all the Partners |
YES |
YES |
YES |
GST returns filings (12 Months) |
NO |
YES |
YES |
Accounting FY(2022-2023) |
NO |
NO |
YES |
TDS Return Filing |
NO |
NO |
YES |