LLP-Delay Annual filing- compounding ?

[VENKAT S]

If a LLP fails to file annual returns for six years consequently, can it apply under compounding scheme and minimise the fees payble by it ?

AI Summary

Can an LLP with six years of unfiled returns use a compounding scheme to reduce fees? Mixed opinions. An individual inquired about whether a Limited Liability Partnership (LLP) that has not filed annual returns for six consecutive years can apply under a compounding scheme to reduce payable fees. Two responses were provided. One respondent believed compounding is possible. Another cited the provision that the Central Government may compound any offence punishable by a fine, allowing the collection of a sum up to the maximum fine prescribed for the offence.