Statutory compliances after LLP registration
Filing of LLP Agreement / Changes in LLP Agreement in eform 3
Form 3 should file within 30 days of Registration of LLP. In case of default, 100 Rupees per day penalty will be imposed, till the date of filing.
PAN and TAN Application
Every business should have a PAN, for making Money Transactions and TAN for deducting TDS. There is no due date for the same, since it’s the choice of the LLP to apply for PAN or not. However, if PAN is not applied immediately after registration, monitory transactions, above Rs 50,000 or acceptance of service charges above the specified limit (TDS Limits) will be difficult
Annual Return in eForm 11
The form should contain the complete details of all the partners, their contributions towards the company, etc. You should file Form 8 along with the fee, within 60 days of the financial year. Year ending for LLPs is 31st March of each year. Therefore, LLPs have to file the LLP Form 11 on or before 30th May every year. In case of default, 100 Rupees per day penalty will be imposed, till the date of filing.
Income Tax Return
Tax audit is applicable for LLP’s having Turnover more than 1 crore Rupees, should audit the accounts and file audit report to Income Tax, within 30th of every September. For the case of LLP’s having turnover less than one crore rupees, tax ausit is not applicable, hence returns should be filed before 30th July every Year
Financial Statements and Statement of Solvency in Form 8
Form 8 consist of the statement of Account and Solvency. You should file Form 8 along with the fee, within 30 days from the end of six months of the financial year. Year ending for LLPs is 31st March of each year. Two designated partners must sign the form digitally. Further, it must be audited if the Capital of the LLP exceeds Twenty Five Lakh Rupees or Turnover exceeds Forty Lakhs Rupees. Form 8 consists of information related to the statement of assets of the LLP and liabilities and statement of income and expenditure of the LLP. You will have to pay the penalty of Rs.100/day if you have not filed this form.
