LLP Compliance
LLP Compliance
LLPs must file an Annual Return (Form 11) and Statement of Accounts & Solvency (Form 8) with the MCA every year. Additionally, LLPs must file income tax returns (ITR-5) and maintain compliance with the LLP Act, 2008. The compliance burden is significantly lower compared to companies, making LLPs an attractive choice for small businesses.
Important Points:
- Form 11 (Annual Return): Within 60 days of financial year-end (by May 30)
- Form 8 (Statement of Accounts): Within 30 days from 6 months of FY-end (by October 30)
- ITR-5: By July 31 (non-audit) or October 31 (audit cases)
- Tax audit if turnover exceeds ₹1 crore (business) (or > ₹10 crore if 95% of transactions are cashless) or ₹50 lakh (profession) this limit is raised to ₹75 lakh if cash receipts/payments are less than 5% of total transactions.
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