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LIMITED LIABILITY PARTNERSHIP COMPLIANCE REQUIREMENTS 

1. BOOKS OF ACCOUNTS

If an LLP’s turnover is more than 40 lakhs or the capital is over 25 lakhs, then the audit will take place by a Chartered Accountant. 

2.ANNUAL RETURN FILING

An LLP is required to file 2 types of returns every financial year – FORM 11 & FORM 8

FORM 8

Part A- Cover the Statement of Solvency

Part B- Covers the Statement of Income, Statement of Accounts & Statement of Expenditure

If the forms are not filed then the penalty is Rs.100 per day until the compliance

FORM 11

Details about the total number of partners, the contribution received by each partner, summary of partners and details of body corporate as partners

3.INCOME TAX RETURN FILING

For an LLP registered in India; the Income tax rate is 30 percent on the total income. 

4. ALTERNATE MINIMUM TAX FOR LLP

LLP has to pay an alternate minimum tax of 18.5% of the adjusted total income. 

5. LLP TAX FILING DEADLINE 

If a tax audit is not required then an LLP has to file the tax by 31st July of every year.

6.LLP TAX PAYMENT

LLP tax payment can be made physically or via e-payment from any designated banks.

COMPLIANCE REQUIREMENTS OF PRIVATE LIMITED COMPANY

1.BOARD MEETING

A company has to conduct at least 4 Board meetings in a year. The meetings should be held in a way that at least one meeting is done in every quarter. The details of the meetings need to be logged and the Registered Office has to maintain the signed minutes.

2.ANNUAL GENERAL MEETING

AGM is a compulsory meeting of the shareholders. In the meeting the Financial Statements will be approved, dividends will be declared and Auditors will be appointed. 

3.ANNUAL FILING OF FORMS

The company has to file a number of annual forms besides the annual financials. 

4.MAINTENANCE OF STATUTORY REGISTERS & MINUTES BOOK

The Registered office of the Company has to maintain all the registers such as Register of Contracts, Register of Members, Register of Directors, Register of Charges etc. along with the Minutes Book.

5.INCOME TAX RETURNS

Every Private Limited Company which is registered in India has to file the Income Tax Returns on or before 30th September for that Financial Year. In case of non-compliance, the company will get a penalty of Rs.10000.

6.APPROVAL WITH THE SIGNING OF FINANCIAL STATEMENTS

The financial statement of the private limited company shall be approved by the complete Board of Directors and need the sign of at least 2 Directors out of which one should be the managing director and the other will be the chief executive officer.

7.FILING OF FINANCIAL STATEMENTS OR FINANCIAL RESULTS

The private limited company has to file the Financial Statements within 30 days of its Annual General Meeting with the Registrar of Company as per the E-FORM AOC -4. 

8.FILING OF ANNUAL RETURN

Within 60 days of the Annual General Meeting, it is compulsory for every company to file its Annual Return with the Registrar of Companies via E-FORM MGT-7.

COMPLIANCE REQUIREMENTS OF A PUBLIC LIMITED COMPANY

1.ANNUAL RETURN IN FORM MGT-7

This Form is for providing the latest information about the shareholders and directors of the public limited company.

2. FINANCIAL STATEMENTS IN FORM AOC-4

FORM AOC-4 requires a Cash Flow Statement, Balance Sheet, Director’s Report, Profit and Loss Account,   Auditor’s Report, and the Consolidated Financial Statement.

3. INCOME TAX RETURNS

Tax Audit of the company is compulsory if the annual turnover of the company is more than Rs.1 crore

4. SECRETARIAL AUDIT REPORT IN FORM MR-3

All the Public Limited Companies, whether listed or not, are required to submit the Secretarial Audit Report and the Board Report annually. 

5. FORM MGT-14

Adopted Director’s Report and Financial Statements are required to be filed within the 30 days of the board meeting.

6. FORM MGT-15

This Form contains a report on the company’s Annual General Meeting (AGM).

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