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Annual Compliance of LLP
Every Limited Liability Partnership (LLP) in India must comply with annual filing requirements under the LLP Act, 2008, irrespective of business activity. Key compliances include filing Form 11 (Annual Return) by 30th May, Form 8 (Statement of Account and Solvency) by 30th October, and Income Tax Return (ITR-5) by 31st July or 31st October, depending on audit requirements. Designated Partners must also complete DIR-3 KYC by 30th September annually. LLPs exceeding ₹40 lakh turnover or ₹25 lakh capital contribution must get their accounts audited. Non-compliance attracts a penalty of ₹100 per day per form, with no upper limit.
Realization Strategies
No one desires pain or suffering willingly, but sometimes unavoidable circumstances lead to challenges and difficulties. People often face hardships not because they seek them, but because of external factors beyond their control. Similarly, not everyone pursues hardship deliberately; rather, some situations arise naturally over time, causing effort and struggle. Understanding these realities helps in preparing for and managing difficulties effectively, ensuring that temporary challenges are met with resilience and perseverance.
- Static Innovations
- Consulting & Advisory
- Turnaround Situations
Our strategy consulting team employs proven methodologies to assist life sciences, consumer products, and retail companies in transforming their operations, driving sustainable growth, and fostering innovation. By leveraging industry expertise and data-driven insights, we help organizations navigate complex challenges, optimize performance, and capitalize on emerging opportunities. Our approach emphasizes collaboration, strategic planning, and execution excellence to ensure measurable and lasting impact.
Every Limited Liability Partnership (LLP) in India must adhere to specific annual compliance requirements to maintain legal standing and avoid penalties. These obligations include filing Form 11 (Annual Return) by May 30, Form 8 (Statement of Accounts & Solvency) by October 30, and Income Tax Return (ITR-5) by July 31 (for non-audited accounts) or October 31 (for audited accounts). Additionally, all designated partners are required to complete DIR-3 KYC by September 30 to keep their Director Identification Number (DIN) active. Failure to comply with these deadlines can result in significant fines and legal consequences. Therefore, timely and accurate filing of these forms is essential for the smooth operation and credibility of the LLP.