Section 15 - Amendment of section 35 - The Limited Liability Partnership (Amendment) Act, 2021

Amendment of section 35 15 . In section 35 of the principal Act, for sub-sections (2) and (3), the following sub-section shall be substituted, namely:- (2) If any limited liability partnership fails to file its annual return under sub-section (1) before the expiry of the period specified therein, such limited liability partnership and its designated partners shall be liable to a penalty of one hundred rupees for each day during which such failure continues, subject to a maximum of one lakh rupees for the limited liability partnership and fifty thousand rupees for designated partners. .