This document provides guidance on annual compliance requirements for a Limited Liability Partnership (LLP) for the fiscal year 2016-2017. [1] An LLP must file an annual return with the Registrar of Companies by May 30, 2017 with general information about the LLP. It must also file audited financial statements by October 30, 2017. [2] An LLP must also file an income tax return by July 31, 2017 and may need to undergo a tax audit if its turnover exceeds 1 crore. It risks penalties for late or non-filing. [3] The document advises checking incorporation dates to determine applicable requirements and offers assistance with compliance filings to avoid

1. ANNUAL COMPLIANCE
FOR
LIMITED LIABILITY PARTNERSHIP
F Y 2 0 1 6 - 1 7
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2. LLP is a creation of Law as it is Incorporated under the LLP Act, 2008. A LLP
is required to keep and maintain its books of account and at the end of the
financial year, prepare a financial statement, which is basis of annual
reporting to the Income tax department and the ROC
Annual Reporting under what Law ?
1. Income Tax Act, 1961
2. Limited Liability Partnership Act, 2008 to the registrar of companies (ROC)
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3. Reporting under Income Tax Act
What are the reporting's ?
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1. Filing of Income Tax Return before its due date, ie. 31st July 2017. The due date of filing ITR in case of tax audit
cases is 30th September 2017)
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2. Tax Audit in case the turnover of LLP is more than 1 Crore and it must be filed before 30th September 2017
Check whether your LLP is required to do the Income Tax Reporting or not
1. Check the date of Incorporation of Your LLP as it is the basis of reporting requirement
2. If Date of Incorporation is on or after 1st April 2017 then there is no need to report anything in AY 17-18
3. In all other cases the LLP is required to do the reporting under Income Tax Laws as mentioned above

4. What will happen if Income Tax Return is not filed within Due date ?
1. The Income Tax Return can still be filed as belated return
2. Accumulated Losses and unabsorbed depreciation cannot be carried forward
4. If tax audit is applicable & a report is not filed before 30th September, 2017, then it will attract a penalty of Rs. 1,50,000/-
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How to file Income Tax Return ?
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3. The Income Tax Department shall impose a penalty of Rs. 5000/-
1. Finalise your Accounts
2. Prepare Financial Statement and Income Expenditure Statement
3. Do computation of Income Tax
4. Pay Taxes
5. File Income Tax Return in Form No ITR-4
For assistance contact us, we'll help you to do all compliance at very reasonable fee

5. ROC Annual Return /Reporting under LLP Act 2008.
Every LLP is required to file two reports with the registrar of companies in electronic version. The report is filed using
digital signature of the designated partner of the LLP. These are mandatory requirements:
1. Filing of Annual Return by LLP before 30th May 2017 in Form 11. Following information is filed in this return
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• General Information of LLP like its business Activity, number of Partners etc
• Particulars of Penalty Imposed on LLP & its DP
• Particulars of offences which has been compounded
• Whether turnover of LLP exceeded Rs. 5 Crore
2. Filing of Financial Statement by LLP before 30th October, 2017 in Form 8. with following information
• A statement of solvency
• Statement of Account
• Statement of Income & Expenditure
• An attachment under Micro, Small & Medium Enterprises Act, 2006

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Check whether your LLP is required to file ROC Return or not
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1. In case the LLP is incorporated before 30th September 2016
then it is required to file Annual Return (Form 11) and Financial
Report (Form 8) before its due dates
2. In all other cases there shall be no annual filing during FY 2017-18

7. Slide No . 7
Effect of Non filing of Annual Return (Form-11) or the Financial Report
(Form -8) to ROC within the due date ?
1. The reports can be filed within extended period of 300 days with additional fee of Rs. 100 for each day of delay from its due date
2. For Non Compliance LLP as well as its Designated Partners are liable for punishment prescribed in the LLP Act
3. Penalty for LLP is prescribed as Minimum Rs. 25,000/- which can go up to Rs. 5,00,000/-
4. Penalty for each Designated Partner is prescribed as Minimum Rs. 10,000 which can go up to Rs. 1,00,000/-
How to Safeguard against such a heavy penalty
Contact us, our team of accountants and company secretaries
shall assist you in doing all necessary compliance on a
reasonable fee.

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