Key Compliance Requirements for LLPs:

1. Proper Bookkeeping

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

2. 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.

3. 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

• 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:

• 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.

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.