LLP Compliance
Annual Compliance for Limited Liability Partnership (LLP)
Regular filing of returns is crucial for maintaining LLP compliance and avoiding hefty penalties. While LLPs have fewer compliance requirements than private limited companies, non-compliance can lead to penalties of up to INR 5 lakh—higher than the INR 1 lakh penalty faced by private limited companies.
At IndiaFilings, we help ensure your LLP meets all annual compliance requirements efficiently and effectively.
Key Benefits of Staying Compliant
✅ Avoid penalties and legal issues
✅ Maintain good standing with regulatory authorities
✅ Build trust with investors and clients
✅ Easy access to loans and funding opportunities
Maintenance of Proper Book of Accounts
For LLP annual filing, it’s essential to maintain accurate and up-to-date financial records. These records should include:
- 💰 Financial Transactions – All income and expenses.
- 📈 Profits and Losses – Detailed profit and loss statements.
- 🏦 Assets and Liabilities – Records of owned assets and outstanding liabilities.
Limited Liability Partnerships (LLPs) Compliance Requirements
Maintenance of Proper Book of Accounts
- Keeping accurate financial records.
Filing of Annual Return
- Submission of the annual return to the appropriate authority.
Filing of Statement of Accounts
- Reporting the financial status of the LLP annually.
Filing of Income Tax Return (ITR-5)
- Mandatory tax filing for LLPs.
Filing of Tax Audit (If Applicable)
- Required if the LLP meets certain turnover thresholds.