Annual Filings:

•  Mandatory for all LLPs: Regardless of business activity, all LLPs must file annual returns and financial statements.
• Key forms:
  
  • Form 11 (Annual Return): Provides essential details about the LLP, including partners, contributions, and changes during the year. Due within 60 days of the financial year-end (typically May 30th).
  • Form 8 (Statement of Account and Solvency): Contains a summary of the LLP’s financial performance and solvency position. Due by October 30th of every financial year.

Tax Filings:

• Income Tax Return (ITR-5): All LLPs must file an income tax return, regardless of their income level. Due by the due date specified for businesses by the Income Tax Department (typically July 31st or October 31st).
• Tax Audit (if applicable): An audit by a chartered accountant is mandatory if the LLP’s turnover exceeds Rs. 40 lakh in a financial year or its contribution from partners is more than Rs. 25 lakh.

Other Potential Compliances:

• Maintaining Books of Accounts: LLPs are required to maintain proper books of account that accurately reflect their financial transactions.
• GST Registration and Filing (if applicable): If your LLP’s turnover exceeds Rs. 40 lakh per year, you must register for Goods and Services Tax (GST) and file regular GST returns.

Consequences of Non-Compliance:

• Penalties: Missing filing deadlines or not maintaining proper accounts can lead to penalties imposed by the Ministry of Corporate Affairs (MCA) or the Income Tax Department.
• Delayed Filings: Late filing attracts a penalty that increases with each day of delay.
• Compliance Scrutiny: Non-compliance can invite scrutiny from the authorities, potentially leading to more complex procedures and higher penalties.