Even if there is no business in an LLP, or the LLP is running in losses, or even when there is no bank account of the LLP, these compliances will have to be met.

1. Mandatory Compliances for
Limited
Liability Partnerships

2. 1. Preparation of Financial Statements
2. Income Tax Return Filing
3. RoC compliances- Filing of Form 11 & Form 8
4. Annual Statutory Audit

3. Preparation of Financial Statements
Requirement:
Following shall be prepared and
filed by every LLP annually:
Statement of Accounts &
Solvency (Balance Sheet & P/L) –
showing financial results of
operations
 Annual Returns of the LLP -
showing structure and composition
of the LLP
Penalty:
fine which shall not be less than
twenty-five thousand rupees but
which may extend to five lakh rupees
and every designated partner of such
limited liability partnership shall be
punishable with fine which shall not
be less than ten thousand rupees but
which may extend to one lakh rupees

4. Income Tax Return Filing
Requirement:
LLP is required to file return in following
modes:
a) Electronically under digital signature; or
b) Transmitting the data in the return
electronically under electronic verification
code; or
c) Transmitting the data in the return
electronically and thereafter submitting the
verification of the return in Form ITR-V.
However, it is mandatory for LLP to file return
of income electronically under digital
signature if its accounts are required to be
audited under Section 44AB.
Penalty:
As of today, IT Officer may, on
levy a penalty of Rs. 5000 u/s
271F for late filing of ITR
As per amended laws, penalty
of up to Rs. 10000 may be
required to be shelled out. A two-
level penalty in this regard: A fee
of Rs5, 000 shall be payable, if the
return is furnished after the due
date but on or before December
31 of the assessment year and a
fee of Rs10, 000 shall be payable
in any other case.

5. RoC Compliances – Form 8 & 11
Requirement:
Following shall be prepared and
filed by every LLP annually:
Statement of Accounts &
Solvency (Balance Sheet & P/L) –
showing financial results of
operations – Form 8
 Annual Returns of the LLP -
showing structure and composition
of the LLP – Form 11
Penalty:
A penalty of Rs. 100 per day per form
is to be paid by the defaulting LLP.

6. Annual Statutory Audit
Requirement:
LLPs whose:
Contribution exceeds Rs. 25 lakhs; or
Turnover exceeds Rs. 40 lakhs
Are required to get their annual accounts
audited by any Chartered Accountant in
practice.
Penalty:
fine which shall not be less than
twenty-five thousand rupees but
which may extend to five lakh
rupees and every designated
partner of such limited liability
partnership shall be punishable
with fine which shall not be less
than ten thousand rupees but
which may extend to one lakh
rupees

7. Irrespective of whether an LLP
incurs losses or whether an LLP
has business done business are
not, these compliances have to
be met.

8. Contact Us
http://taxmantra.com
+91-8820820811
info@taxmantra.com.