LLP Annual Compliance: Form 8, Form 11 and Income Tax

LLPs are popular because compliance is lighter than for companies – but it is not zero. Every LLP must file annual returns with the ROC and an income tax return, even if it had no business during the year. Here is what you need to know.

1. Form 11 – Annual Return

Form 11 contains details of partners, their contributions and any changes during the year. It is due by 30 May each year for the previous financial year. See Form 11 filing.

2. Form 8 – Statement of Account and Solvency

Form 8 reports the LLP’s financial position and a declaration of solvency by designated partners. It is due by 30 October each year. See Form 8 filing.

3. Income tax return

LLPs file their income tax return by the due date for non-audit cases, or the later due date if a tax audit applies. The LLP pays tax on its profits; partners’ share of profit is not taxed again in their hands.

4. Audit requirement

An LLP’s accounts must be audited only if its turnover or partners’ contribution exceeds the limits in the LLP rules. Separately, a tax audit applies if turnover crosses the income tax thresholds.

Penalties for late filing

Late filing of Form 8 and Form 11 attracts an additional fee for each day of delay, per form. Over time this can add up to a large amount, so it pays to file on time.

Event-based filings

• Form 3 – changes in the LLP agreement. See Form 3.
• Form 4 – appointment or exit of partners. See Form 4.
• Change of registered office or name.

Compliance calendar

Let us manage it for you with our LLP compliance package.

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Frequently Asked Questions

Q1. Does an LLP with no business need to file returns?

Yes. Form 8, Form 11 and the income tax return are required every year.

Q2. Is audit mandatory for every LLP?

No. Only when turnover or contribution crosses the prescribed limits.

Q3. What is the late fee for Form 8 and Form 11?

An additional fee applies for each day of delay, for each form.

Q4. Who signs the LLP annual forms?

Designated partners sign with their DSC; Form 8 also needs certification by a professional.