LLP STATUTORY COMPLIANCE
LLP STATUTORY COMPLIANCE
After registering a Limited Liability Partnership (LLP) in India, there are certain compliance requirements that LLPs need to adhere to. Here are some of the key compliance requirements for LLPs in India:
- Annual Filing: LLPs are required to file their annual returns and financial statements with the Registrar of Companies (RoC) each year. The due date for filing is typically within 60 days from the end of the financial year. The LLP should prepare its financial statements as per the prescribed format.
- Income Tax Filing: LLPs are required to file income tax returns with the Income Tax Department. LLPs are subject to income tax, and the due date for filing income tax returns is typically in September each year. The LLP should also obtain a Tax Deduction and Collection Account Number (TAN) if it is liable to deduct TDS.
- Maintenance of Books of Accounts: LLPs are required to maintain proper books of accounts as per the provisions of the LLP Act, and these should be kept at the registered office of the LLP.
- LLP Agreement Amendments: Any changes or amendments to the LLP agreement, such as changes in partners, capital contributions, or profit-sharing ratios, should be duly recorded and filed with the RoC.
- Annual General Meeting: LLPs are not required to hold an annual general meeting, unlike companies. However, they should hold partner meetings as per the provisions of the LLP agreement.
- Statutory Audits: LLPs are required to have their financial statements audited by a qualified Chartered Accountant. The audited financial statements should be filed with the RoC.
- PAN and TAN: LLPs should obtain Permanent Account Numbers (PAN) for tax purposes and Tax Deduction and Collection Account Numbers (TAN) if applicable.
- Compliance with Other Laws: Depending on the nature of the business, LLPs may need to comply with various other laws and regulations, such as GST, ESI, EPF, and other sector-specific regulations.
- Annual Compliance Fee: LLPs need to pay an annual compliance fee to the RoC. The amount is based on the contribution of the LLP.
- ROC Filing: LLPs are required to file various forms and documents with the RoC for various events, such as changes in partners, addresses, or the LLP agreement.
- Maintain Registered Office: The LLP should maintain a registered office in India where all official communications can be sent.
Failure to comply with these requirements can result in penalties and other legal consequences. It's advisable to engage with a qualified Chartered Accountant or Company Secretary to ensure that all compliance obligations are met. Additionally, the specific compliance requirements may change over time, so it's essential to stay updated with the latest regulations and deadlines set by the Ministry of Corporate Affairs and other relevant authorities.