Maintaining compliance for a Limited Liability Partnership (LLP) is crucial to avoid significant penalties. While LLPs have a lighter compliance load than private limited companies, the fines for non-compliance can be hefty, reaching up to INR 5 lakh. AK Consulting specializes in helping LLPs meet their compliance requirements efficiently, ensuring you avoid these.

Maintaining compliance for a Limited Liability Partnership (LLP) is crucial to avoid significant penalties. While LLPs have a lighter compliance load than private limited companies, the fines for non-compliance can be hefty, reaching up to INR 5 lakh. AK Consulting specializes in helping LLPs meet their compliance requirements efficiently, ensuring you avoid these.

Key Compliance Requirements for LLPs:

• Proper Bookkeeping
• Filing Annual Return (Form 11)
• Filing Statement of Accounts (Form 8)

Key Compliance Requirements for LLPs:

Proper Bookkeeping

Maintain accurate financial records, including transactions, profits, expenses, assets, and liabilities

Filing Annual Return (Form 11)

Deadline: May 30th every year.

Penalty: INR 100 per day of delay.

Details Required: Information about designated partners, contributions, and partner details.

Filing Statement of Accounts (Form 8)

Deadline: October 30th.

Penalty: INR 100 per day of delay.

Components: Solvency statement and a detailed account of income and expenditure.

Certification: Requires digital signatures from two designated partners and certification by a company secretary, chartered accountant, or cost accountant.

Audit and Tax Filing Requirements

• 1. Tax Audit
• 2. Income Tax Return (ITR-5)

Audit and Tax Filing Requirements

1. Tax Audit

Criteria: Mandatory for LLPs with turnover over INR 1 Crore.

Deadline: September 30th.

Increased Threshold: Turnover threshold raised to INR 10 crore if cash transactions are less than 5%.

2. Income Tax Return (ITR-5)

Deadline: July 31st (non-audited), September 30th (audited).

Form 3CEB: Required for international or specified domestic transactions.

Deadline: November 30th.

Key Benefits of Proper Compliance:

Key Benefits of Proper Compliance:

Regulatory Adherence: Ensures adherence to all regulatory requirements, minimizing risks of non-compliance. Financial Health Monitoring: Regular financial reporting provides insights into the financial health of your LLP, helping in making informed business decisions. Builds Trust: Regular compliance enhances the trustworthiness of your LLP among clients, partners, and financial institutions. Competitive Edge: A compliant LLP stands out in the market, attracting better business deals and partnerships.

Regulatory Adherence: Ensures adherence to all regulatory requirements, minimizing risks of non-compliance. Financial Health Monitoring: Regular financial reporting provides insights into the financial health of your LLP, helping in making informed business decisions. Builds Trust: Regular compliance enhances the trustworthiness of your LLP among clients, partners, and financial institutions. Competitive Edge: A compliant LLP stands out in the market, attracting better business deals and partnerships.

Why Choose AK Consulting?

Why Choose AK Consulting?

At AK Consulting, we streamline the compliance process for LLPs.

At AK Consulting, we streamline the compliance process for LLPs.

Our services include:

Our services include:

Expert guidance and accurate document preparation.

Assistance with digital signatures and professional certification.

Timely filing to avoid penalties.

Focus on growing your business while we handle your compliance needs. Start now with AK Consulting to ensure your LLP stays compliant and penalty-free.

Focus on growing your business while we handle your compliance needs. Start now with AK Consulting to ensure your LLP stays compliant and penalty-free.