Compliances of LLP
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Compliances of Partnership Firm
Compliance refers to the act of adhering to laws, regulations, standards, or guidelines. Compliances refers to the process of ensuring that a company or organization follows all applicable laws, regulations, and all internal policies that governs its operations. Annual compliances of private limited company encompass a range of regulatory obligations that the company must fulfill on an annual basis to ensure legal compliances, transparency and accountability to its operations.
Compliances include:- Immediate After Registration
- MCA Compliance
- GST Compliance
- Income Tax Compliance
- ESIC/EPFO Compliance
- Accounting
Immediate After Registration
1. LLP FORM 3
LLP Form 3 is a form filed with the Ministry of Corporate Affairs (MCA) to register the LLP Agreement and any changes made to it thereafter.
- Purpose:
- To file the LLP Agreement within 30 days of incorporation.
- To inform the Registrar of any changes in the LLP agreement (like change in business activity, contribution, rights/duties of partners, etc.).
- Due Date: Within 30 days of incorporation
- Penalty: ₹100 per month
ROC Compliance
1. DPIN KYC (DIR-3KYC / DIR-3KYC WEB)
Every person who holds a Director Identification Number (DIN) must annually file KYC with the Registrar of Companies (ROC) as per Rule 12A of Companies (Appointment and Qualification of Directors) Rules, 2014.
- Purpose: To keep the DIN of the directors activated.
- Due Date: 30th September of every financial year.
- Penalty: ₹5,000
2. LLP FORM – 11
Form 11 is the Annual Return that every Limited Liability Partnership (LLP) registered in India must file each year with the Ministry of Corporate Affairs (MCA).
- Purpose: To provide details of all designated partners and partners, their contributions, any changes during the year, and summary of compliance with filing obligations.
- Due Date: 30th May of every assessment year.
- Penalty: ₹100 per month
3. LLP FORM – 8
Form 8 is a mandatory annual filing for every Limited Liability Partnership (LLP) in India. It contains the financial position of the LLP and a declaration about its solvency.
- Purpose: Declare solvency of the LLP, submit Statement of Assets & Liabilities and Statement of Income & Expenditure.
- Due Date: 30th October of every assessment year.
- Penalty: ₹100 per month
GST Compliance
1. GSTR-1
GSTR-1 is a monthly or quarterly return filed by registered GST taxpayers to report their outward supplies (sales) of goods or services.
Purpose:- To declare sales invoices, credit notes, and debit notes issued during the period.
- Enables buyers to claim Input Tax Credit (ITC) through auto-populated GSTR-2A/2B.
- Facilitates transparency and tax reconciliation under GST.
| Filing Type | Due Date |
|---|---|
| Monthly | 11th of next month |
| Quarterly | 13th of month following quarter |
| Type | Penalty |
|---|---|
| Late Filing Fee | ₹50/day (₹25 CGST + ₹25 SGST) |
| Nil Return | ₹20/day (₹10 CGST + ₹10 SGST) |
2. GSTR-3B
GSTR-3B is a summary return filed monthly or quarterly by regular registered taxpayers. It includes outward and inward supplies, GST liability, and Input Tax Credit (ITC).
Purpose:- Summary declaration of sales and purchases.
- Compute and pay GST liability.
- Mandatory to claim Input Tax Credit (ITC).
| Filing Frequency | Due Date |
|---|---|
| Monthly | 20th of next month |
| Quarterly (QRMP) | 22nd or 24th of next month (based on state) |
| Type | Late Fee |
|---|---|
| Normal Return | ₹50/day (₹25 CGST + ₹25 SGST) |
| Nil Return | ₹20/day (₹10 CGST + ₹10 SGST) |
3. GSTR-9
GSTR-9 is an annual return filed by regular GST-registered taxpayers summarizing monthly/quarterly GSTR-1 and GSTR-3B returns.
Purpose:- Consolidated summary of outward/inward supplies, ITC claimed, and tax paid.
- Ensure reconciliation between returns and books.
- Self-certification of GST compliance for the financial year.
| Type | Late Fee |
|---|---|
| Standard | ₹200/day (₹100 CGST + ₹100 SGST) |
| Maximum | 0.25% of turnover in the State/UT |
4. GSTR-9C
GSTR-9C is a reconciliation statement between GSTR-9 and the audited financials. It must be certified by a Chartered Accountant or Cost Accountant.
Purpose:- Reconcile annual GSTR-9 with audited financial statements.
- Ensure accuracy of declared GST liability.
- Acts as a GST self-audit.
- ₹200/day (₹100 CGST + ₹100 SGST)
- Maximum: 0.25% of turnover in the State/UT
- Department may issue notices for non-compliance or misreporting
Income Tax Compliance
Income tax compliance means timely and accurate fulfilment of obligations under the Income-tax Act, 1961, including return filing, TDS, advance tax, and reporting disclosures.
1. INCOME TAX RETURN
An Income Tax Return (ITR) is a form filed with the Income Tax Department of India to report income, expenses, taxes paid, deductions claimed, and other relevant tax details for a financial year (April to March).
Purpose:- Legal and financial compliance for individuals and businesses.
| Category of Taxpayer | ITR Filing Due Date |
|---|---|
| Individuals (not liable for audit) | 31st July |
| Businesses requiring audit | 31st October |
| Companies | 31st October |
| With Transfer Pricing report (Form 3CEB) | 30th November |
| Revised/Belated Return for FY 2023–24 | 31st December |
2. TAX AUDIT
A tax audit is an examination of accounts of a business or profession conducted by a Chartered Accountant to ensure compliance with the Income Tax Act, 1961.
Purpose:- Ensure accuracy of income reporting
- Ensure proper maintenance of books
- Reduce tax evasion
- Facilitate tax administration
- Section 271B: 0.5% of turnover or ₹1,50,000 (whichever is lower)
- No penalty if reasonable cause is proven
3. TDS DEPOSIT
TDS Deposit refers to the process of remitting tax deducted at source (TDS) from various payments (salary, rent, fees, etc.) to the Central Government.
Purpose:- Compliance with TDS regulations under the Income Tax Act
- Timely deposit of tax collected at source
4. TDS RETURN
TDS Return is a quarterly statement filed by deductors reporting details of tax deducted at source.
Purpose:- To report TDS deductions accurately
- Ensure tax credit for payees
| Quarter | Period | Due Date |
|---|---|---|
| Q1 | Apr – Jun | 31st July 2024 |
| Q2 | Jul – Sep | 31st October 2024 |
| Q3 | Oct – Dec | 31st January 2025 |
| Q4 | Jan – Mar | 31st May 2025 |
5. ADVANCE TAX
Advance Tax, also known as the "pay-as-you-earn" tax, refers to income tax paid in installments during the financial year.
Purpose:- Simplify and streamline tax payments
- Avoid year-end lump-sum burden
| Due Date | Minimum Amount Payable |
|---|---|
| 15th June 2024 | 15% of total tax liability |
| 15th September 2024 | 45% of total tax liability (including earlier payments) |
| 15th December 2024 | 75% of total tax liability (including earlier payments) |
| 15th March 2025 | 100% of total tax liability |
- 1% per month on non-payment or shortfall
- 1% per month on delayed installment
ESIC/EPFO Compliance
1. ESIC COMPLIANCE
ESIC (Employees’ State Insurance Corporation) is a social security scheme under the Employees’ State Insurance Act, 1948, designed to provide medical, cash, maternity, disability, and dependent benefits to employees and their families.
ESIC Contribution Rates:| Contributor | Rate of Contribution |
|---|---|
| Employer | 3.25% of gross wages |
| Employee | 0.75% of gross wages |
| Particular | Due Date |
|---|---|
| ESIC Monthly Payment | 15th of next month |
| Half-Yearly ESI Returns | 11th Nov & 11th May (approximate) |
| Employee Registration | Within 10 days of joining |
- Late payment of contribution: Interest @ 12% p.a. for each day of delay
- Non-registration: Fine up to ₹5,000 plus prosecution
2. EPFO COMPLIANCE
EPFO (Employees’ Provident Fund Organization) is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF is a social security scheme designed to ensure retirement savings and other financial benefits for employees.
EPFO Contribution Rates:| Contributor | Rate | Contribution To |
|---|---|---|
| Employer | 8.33% | NPS |
| Employer | 3.67% | EPF |
| Employee | 12% | EPF |
| Total | 24% | |
| Particular | Due Date |
|---|---|
| PF Contribution Payment | 15th of the next month |
| ECR Filing (monthly PF return) | On or before payment date |
| Annual Return (Form 6A) | 30th April (following FY) |
| Default | Penalty/Interest |
|---|---|
| Late payment of PF | Interest @ 12% p.a. (simple interest) under Section 7Q |
| Damages for delay | Ranges from 5% to 100% depending on delay duration |
| Failure to register | Prosecution + penalty up to ₹5,000 |
| False return / non-filing | Fine + imprisonment |
Accounting Compliance
Accounting compliance refers to adhering to the statutory requirements for maintaining books of accounts, financial statements, and related disclosures as per applicable laws such as the Companies Act, 2013, Income Tax Act, 1961, and Accounting Standards/IND AS.
| Particular | Details |
|---|---|
| Due Date of Accounting | Before AGM |
| Penalties | Fine of ₹50,000 to ₹5,00,000 |
FAQs
Yes, even if the LLP is not operational or has no turnover, annual compliances are mandatory after incorporation.
An LLP must file the following annually:
• Form 11 (Annual Return) – Due by 30th May.
• Form 8 (Statement of Account & Solvency) – Due by 30th October.
• Income Tax Return (ITR) – Due by 31st July (if audit not applicable) or 31st October (if audit applicable).
Form 11 is the Annual Return of the LLP containing details like partners, contributions, and changes during the year.
Form 8 is the Statement of Account and Solvency, which includes financial details and a declaration on the solvency of the LLP.
Audit is mandatory if:
• Turnover exceeds ₹40 lakh OR
• Capital contribution exceeds ₹25 lakh.
Yes, the Designated Partners must have a Digital Signature Certificate (DSC) for filing Form 8 and Form 11.
Failure to file:
• Attracts daily penalties.
• Leads to disqualification of designated partners.
• May result in striking off the LLP by ROC.
While basic compliance can be self-filed, it is advisable to consult a professional (CA/CS) for correct financial reporting and compliance.
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