Annual compliances of an LLP
An LLP files an annual return and a statement of account and solvency with the Registrar every year. Company Suggestion prepares Form 11 and Form 8.
Which annual filings does an LLP make?
Every LLP has three yearly filings.
- Form 11, the annual return, by 30 May.
- Form 8, the statement of account and solvency, by 30 October.
- The income-tax return of the LLP, which the Act taxes as a firm.
Each designated partner who holds a DIN files Form DIR-3 KYC Web by 30 June of every third consecutive financial year, and within 30 days if the mobile number, email, or residential address changes. An LLP does not hold an annual general meeting and does not file MGT-7.
When does an LLP need an audit?
Two different audits can apply.
- A statutory audit under the LLP Rules, 2009, when turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh.
- A tax audit under section 44AB, when business turnover exceeds ₹1 crore, or ₹10 crore if cash receipts and cash payments are each within 5%.
The LLP registration page states the partner rules. A private limited company has a heavier MCA calendar.
Which papers does the filing need?
Form 8 and Form 11 use four papers.
- The books of account for the financial year
- The statement of assets and liabilities and the income and expenditure
- The designated partners’ declaration of solvency
- The auditor’s report, when the audit rule applies
What is the yearly order of work?
Company Suggestion closes the year in four steps.
- The books are closed and the statements are drawn.
- The audit is completed when turnover or contribution crosses the rule.
- Form 11 is filed by 30 May.
- The designated partners sign the solvency declaration, and Form 8 is filed by 30 October.
Frequently asked questions
4 questions cover the rules that decide this registration.
When is Form 11 due?
Within 60 days of the financial year end. For a year ending 31 March, that date is 30 May.
When is Form 8 due?
Within 30 days from the end of six months of the financial year. For a year ending 31 March, that date is 30 October.
Does every LLP need a statutory audit?
No. The LLP Rules, 2009 require it when turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh.
When is the income-tax return due?
An LLP is taxed as a firm. The Act’s date is 31 July when no tax audit applies, and 31 October when a tax audit applies. The department sometimes extends those dates by order.