Once you complete with your limited liability partnership registration formalities, you would be excited to start with your business journey. However, there is something more to be done after you complete with your LLP registration in India. Certain post incorporation compliances shall be carried out afterLLP registration. What are those compliances? Find out here!
Statutory Compliances Immediately After LLP registration
Here’s the list of statutory compliances, their description, applicable forms and due date that you should comply with after your LLP registration:
|
Sr. No. |
Particulars |
Description of Compliance |
Form Applicable |
Due Date |
|
LLP Agreement |
An LLP agreement is a well-structured written contract between the partners of the LLP containing the terms and conditions of the partnership arrangement. Following are the contents of the LLP agreement:
|
Form 3 |
Within 30 days after the incorporation of LLP |
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PAN application |
LLP shall get registered with the income tax department by making an application allotment of PAN. It is one of the key KYC documents and is also required for obtaining GST registrations. |
Form 49A |
As soon as possible as it is essential for future business transactions |
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TAN Application |
TAN is required for the purpose of TDS and TCS compliances. |
Form 49B |
As soon as possible |
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Opening of bank account |
LLP shall have a separate bank account for conducting all the business transactions. |
As soon as possible |
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Maintenance of books of accounts as per section 34 of the LLP Act |
The LLP shall maintain proper books of accounts either on a cash or accrual basis as per the double-entry system of accounting. The books of accounts shall be maintained at the registered office of the LLP. |
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Registration under Shop and Establishment Act |
The LLP shall get registered under the Shop and Establishment act of the state in which it is located. |
In most cases, within 30 days of commencement of work. |
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Professional tax registration |
The LLP shall obtain professional tax registration in the state in which it is located. |
In most cases, within 30 days of the commencement of work. |
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Contribution of initial capital by the partners of the LLP |
The partners shall contribute the amount of capital as per the LLP agreement. |
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Appointment of auditors |
LLP shall appoint the auditors for audit of books of accounts and relevant records. |
Within 30 days before the end of the financial year |
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10 |
Statement of Accounts and Solvency |
The LLPs shall file a statement of accounts and solvency containing, among other information, the details of the income and expenditure as well as the statement of accounts. |
Form 8 |
Within 30 days after the expiry of 6 months from the end of the financial year |
|
11 |
Annual Return |
The LLPs shall file their annual return containing, among other information, the details of the total obligations for the contribution by partners, penalties imposed, offences compounded etc. |
Form 11 |
Within 60 days after the end of the financial year |
|
12 |
GST Registration |
In case the LLP crosses the threshold limit as specified under Section 22 (depending upon the business of the LLP) or satisfies any of the conditions specified for GST registration under Section 24 of the CGST Act, 2017, then the LLP shall make an application for obtaining GST registration. GST registration can also be obtained voluntarily by the LLP. |
GST Reg-01 |
In case of voluntary registration: As per the requirement of LLP In case of compulsory registration: Within 30 days after which the LLP becomes liable to get registered. |
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13 |
Filing of Income Tax Returns |
As per the Income Tax Act, 1961, the LLP shall file the income tax return for each year ending on the 31st of March irrespective of income or loss. |
Form ITR-5 |
In case audit is not required: 31st July In case audit is required: 31st October In case LLP is required to furnish a report in Form 3CEB as per Section 92E: 30th November |
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14 |
KYC of the Designated Partners |
Every person who holds DIN where the status of DIN is ‘Approved’ shall file e-Form DIR-3 KYC for each year. |
DIR-3 KYC |
30th September |
|
15 |
Audit of accounts as per the LLP Act and Income Tax Act |
The LLP shall get its accounts audited if the annual turnover during any financial year exceeds Rs. 40 lakhs or the contribution exceeds Rs. 25 lakhs. Further, if the LLP satisfies any of the conditions prescribed under Section 44AB of the income tax act, then it shall get its accounts audited as per the Income Tax Act, 1961. |
Form 3CA-3CD |
30th September |
Non compliance of the above requirements can attract penal action against the LLP. Are you complying with the above requirements timely? If not, then contact your eAuditors for all your compliance needs after LLP registration.
