Yes, it is compulsory for an LLP to carry out their annual compliance.

Yes, even if no business or revenue was produced, an LLP still has to carry out the annual compliance.

LLP Annual Filing is required for every LLP since its establishment. From the closure of its initial financial year, the LLP must file both the forms within the designated time limit. The annual compliance is compulsory for every LLP, irrespective of the number of transactions, turnover, or business activity undertaken.

In case of delay in filing, the LLP is charged with an extra Government fee of Rs 100 for every day of delay. Also, there is no ceiling limit to an extra fee.

Every LLPs needs to file an annual return. The annual return is also available for public inspection once payment of prescribed fees is made to the Registrar.

LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs. 40 lakhs and/or has a capital contribution of less than Rs. 25 lakhs, the financial statements do not have to be audited.

The audited books of accounts are required for the LLP falling below any of the below-mentioned criteria:
1) If the turnover of the LLP surpasses Rs. 40 Lakh; or
2) Total contribution of Partners surpasses Rs. 25 Lakh. If LLP does not fall below any of the above criteria, statements with the signature of partners are adequate.

LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from the end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file an income tax return every year.