Last date to file ITR for Individuals is 31 August 2019

Compliance for Limited Liability Partnership (LLP)

Compliance for Limited Liability Partnership (LLP)

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Like any other incorporated entity all LLPs need to file Annual Returns and Statement of Accounts for every Financial Year irrespective of whether it has done any business.

There are three mandatory compliance requirements to be followed by LLPs.

  • Filing of Annual Return (Form 11)
  • Filing of Statement of the Accounts or Financial Statements (Form 8)
  • Filing of Income Tax Returns

It should be noted that LLPs whose annual turnover exceeds Rs. 40 lakh or whose contribution exceeds Rs. 25 lakh are required to get their accounts audited by a qualified Chartered Accountant mandatorily as per LLP act which is called statutory audit.

Income tax Audit is required when the annual turnover of LLP is more than one crore rupees.

Forms to be filed                          Last date for filing

Annual Return (Form 11)                   30-May

Statement of Accounts (Form 8)       30-October

INCOME TAX RETURN                 

  • In case Audit is not required         31-July or extended date (if income tax audit is not required)
  • In Case Audit is required              30-September

Timely and accurate Filing is important therefore contact us for the same.