For a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance.
LLP Annual Filing consist mainly 2 namely
- Filing of Form 11
- Filing of Form 8
Form 11
Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners
In case of delay in filing there is late fee of ₹ 100 Per day and this increase without limit. There is no maximum limit of penalty
Form 8
Form 8 has contains Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure. This is also mandatory for filing and to be filed on or before 30 October of succeeding financial year
In case of delay in filing there is late fee of ₹ 100 Per day and this increase without limit. there is no maximum limit of penalty
Documents Required
- Disclosure of interest by all partner
- Balance sheet
- Profit and Loss
- Auditor Report
Benefits
- Saving from Late fee
- Saving of penalty
- Better compliance