What is Annual Filings?

Annual Filings have very few compliances to fulfil, in comparison to private limited companies. LLPs need only file information related to statement of accounts and annual returns on an annual basis. Penalties, however, are huge for failure to comply. Entities that don't end up doing so could be fined heavily, with penalties going up to Rs. 5 lakh in some cases.

Company need only file their returns on an annual basis, but failure to do so can be very costly.

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