LLP REGISTRATION

Every Limited Liability Partnership (LLP) registered under the Ministry of Corporate Affairs (MCA) in India must complete mandatory annual and one-time compliances to remain active and avoid severe daily penalties. Even if your LLP has no business activity or zero turnover, filing these returns remains legally mandatory. 

 Mandatory Annual Compliance Calendar

Compliance Requirement Form Associated Standard Due Date

Annual Return Form 11 30th May every year

Statement of Account & Solvency   Form 8   30th October every year

Income Tax Return (No Audit) ITR-5   31st July every year

Income Tax Return (With Audit) ITR-5   31st October every year

Key Compliance Details

1. Form 11: Annual Return 

• Purpose: This form gives a summary of management, number of partners, and capital contributions.

• Rule: You must file it within 60 days from the close of the financial year. 

2. Form 8: Account & Solvency Statement

• Purpose: This is a declaration of your financial health, profit-and-loss statement, and balance sheet.

• Rule: You must file it within 30 days from the end of six months of the financial year. 

3. Maintenance of Books and Audits

• Accounts: Every LLP must keep accurate records using the double-entry bookkeeping system.

• MCA Audit Threshold: An audit by a Chartered Accountant is required only if your annual turnover exceeds ₹40 lakhs or if your partner capital contribution exceeds ₹25 lakhs. 

4. Post-Incorporation (One-Time) Compliances

• LLP Agreement: You must prepare your basic agreement and file Form 3 with the Registrar within 30 days of registration.

• Tax IDs: You must acquire both PAN and TAN cards right after getting your setup certificate. 

Consequences of Non-Compliance

• Daily Fees: Delaying Form 11 or Form 8 attracts a penalty of ₹100 per day per form with no maximum cap.

• Heavy Fines: The government can levy general business fines from ₹25,000 up to ₹5,00,000.

• Partner Penalties: Responsible designated partners face individual fines ranging from ₹10,000 to ₹1,000,000.

• Closure: The government may freeze your bank operations or completely cross out your company name. 

To provide precise guidance, tell me if your LLP is newly incorporated, what your estimated turnover is, and if you have registered for GST.