Every LLP registered with MCA should follow the specific compliance and practical approach related to it. Each LLP needs to follow the minimum required compliance to keep away from being defaulter and to avoid future penalties or unfriendly results.
The mandatory compliance for compliance of any LLP is given below:
1. Form-11 with MCA
2. Form-8 with MCA
3. Filing of Income Tax Return
4. Tax/Statutory Audit
4. DIR-3 KYC Filing
LLP Annual Return Filing: (Form-11)
The LLP’s annual return filing is to be documented with MCA in the recommended group for Form-11. The expressed structure gives data regarding the partner of the LLP. Form-11 provides a summary to MCA about LLP partners and furnish the information to ROC such as total number of Partners, contributions received by each partner and any change or amendment has taken place in the management of the partner or LLP at the time of the announcement should be incorporated into the framework stated earlier so that the Ministry should have the latest data about the partner / designated partner of the concerned LLP. The form is filed on the MCA portal within 60 days from the end of the financial year ending 31 March. The due date for filing after the end of the financial year is 30th May.
Statement of Account & Insolvency: (Form-8)
Form-8 is filed to disclose Statement of Account & Insolvency of the LLP. Every company or LLP require maintaining the books of accounts and financial statements to smooth the process of filing returns. The records required to be outfitted before the Ministry each year in the form-8 along with the mandatory details and information asked in the prescribed format. Form-8 should be filed with MCA on or before 30th October of every year. The form-8 is signed by two designated partners and has to be certified by CA/CS. The form is divided into two parts.
Statement of Solvency
Statement of Accounts, Income and Expenditure Statement.
Income Tax Return:
Every LLP needs to file Income Tax Return annually. This is to furnish the information about financials of LLP, What was the earning of LLP, Taxes has to be paid and Tax liabilities and the rebates received from Govt. The turnover of LLP is more than 40 Lakh or the contribution is more than Rs. 25 lakh in any financial year, statutory audit becomes mandatory to file.
1- If the turnover is less than 40 lakh ITR has to be filed on or before 31st July and if turnover is more than 40 lakh the date of filing usually extended till 31st October.
2- The tax rate is applicable in accordance with the turnover of LLP
If turnover is less the 250 cr. The tax rate is 25% and cess 4%
And if turnover is more then 250 cr. The tax rate is 30% and cess 4%
In case of LLPs, if the annual turnover is more than Rs. 1 cr. Tax Audit is mandatory to file. The accounts of LLP has to be audited by a practising chartered accountant. The due date to file the return as tax audit is 30th September.
DIR-3 KYC is new added compliance introduced by ROC. Every DIN holder whether he/she is holding directorship/partnership or not need to file dir-ekyc every year, The forms contains details about the partners of LLP
(DIR ekyc) for the first time filing – e-form DIR-3 KYC has to be filed
(DIR ekyc) For subsequent admissions – DIR- 3KYC WEB form has to be filed.