Penalty for failure to file annual return imposes daily fines up to specified caps for LLPs and partners. Amendment substitutes sub-sections (2) and (3) of section 35 to impose a daily monetary penalty for failure to file the annual return, making the limited ... Summary
Penalty for failure to file annual return imposes daily fines up to specified caps for LLPs and partners.
Amendment substitutes sub-sections (2) and (3) of section 35 to impose a daily monetary penalty for failure to file the annual return, making the limited liability partnership and its designated partners liable to a time based financial sanction subject to distinct aggregate caps for the LLP and for designated partners.
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