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

Compliance	Form	Due Date	Penalty
Income Tax Return (ITR)	Form ITR-5	31st July (non-audit) / 31st Oct (audit)	₹1,000 to ₹10,000
Tax Audit Report	Form 3CA-3CD / 3CB-3CD	30th September	₹1,50,000 or 0.5% of turnover
Advance Tax Payment	N/A	Quarterly (15th June, Sept, Dec, March)	1% interest per month

Companies Act, 2013 Compliance

Compliance	Form	Due Date	Penalty
Annual Return	Form LLP-11	30th May	₹100 per day
Statement of Accounts & Solvency	Form LLP-8	30th October	₹100 per day
Changes in LLP Agreement	Form LLP-3	Within 30 days	₹5,000

Goods and Services Tax (GST) Compliance

Compliance	Form	Due Date	Penalty
Monthly/Quarterly GST Return	GSTR-1, GSTR-3B	10th / 20th of the month	₹50/day (₹20 for nil return)
Annual GST Return	GSTR-9	31st December	₹200 per day
GST Audit (if turnover > ₹5 Cr)	GSTR-9C	31st 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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