GST Return Filing in India
By AK Consulting | 2025-01-15
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
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/day of delay
- Details: Designated partners, contributions, partner details
3. Filing Statement of Accounts (Form 8)
- Deadline: October 30th
- Penalty: INR 100/day of delay
- Includes solvency statement & income/expenditure account
- Digital signature by 2 partners + certification by CA/CS/CMA
Audit and Tax Filing
1. Tax Audit
- Mandatory if turnover > INR 1 Cr
- Deadline: September 30th
- Threshold increased to INR 10 Cr if cash transactions < 5%
2. Income Tax Return (ITR-5)
- Deadline: July 31st (non-audited), September 30th (audited)
- Form 3CEB for international/specified domestic transactions — Deadline: November 30th
Benefits of Compliance
- Regulatory Adherence: Avoid non-compliance risks
- Financial Monitoring: Better decisions with clear reports
- Builds Trust: Credibility with partners, clients, institutions
- Competitive Edge: Stands out, attracts better deals
Transform Your Business with Powerful Solutions
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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.