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Business Compliance for Limited Liability Partnership

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Accounting Standards & Audit Provisions

  • LLPs with turnover above ₹40 lakhs or capital contribution exceeding ₹25 lakhs must undergo an audit by a Chartered Accountant.
  • Maintain proper books of accounts as per the double-entry system.
  • Follow Indian Accounting Standards (Ind AS) for financial reporting.

Income Tax Law Compliance

ComplianceFormDue DatePenalty
Income Tax Return (ITR)Form ITR-531st July (non-audit) / 31st Oct (audit)₹1,000 to ₹10,000
Tax Audit ReportForm 3CA-3CD / 3CB-3CD30th September₹1,50,000 or 0.5% of turnover
Advance Tax PaymentN/AQuarterly (15th June, Sept, Dec, March)1% interest per month

Companies Act, 2013 Compliance

ComplianceFormDue DatePenalty
Annual ReturnForm LLP-1130th May₹100 per day
Statement of Accounts & SolvencyForm LLP-830th October₹100 per day
Changes in LLP AgreementForm LLP-3Within 30 days₹5,000

Goods and Services Tax (GST) Compliance

ComplianceFormDue DatePenalty
Monthly/Quarterly GST ReturnGSTR-1, GSTR-3B10th / 20th of the month₹50/day (₹20 for nil return)
Annual GST ReturnGSTR-931st December₹200 per day
GST Audit (if turnover > ₹5 Cr)GSTR-9C31st December₹200 per day

Stepwise Process for LLP Compliance

Key Compliance Steps for LLPs:

  • Income Tax Return Filing - Collect financial records → Prepare ITR-5 → File online before due date.
  • Annual MCA Filings - Prepare financials → File LLP-8 & LLP-11 on the MCA portal.
  • GST Compliance - Maintain invoices → File GSTR-1 & GSTR-3B on time.
  • Tax Audit (if applicable) - Get books audited → File Form 3CD with ITR.
  • Update LLP Agreement - File LLP-3 for any changes within 30 days.

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