LLP Annual Filing Form 8 Due date

Have you filed LLP Form 8 (LLP Annual filing form) regarding ‘Statement of Account and Solvency’ for the financial year 2018-19 yet? Every LLP registered in India needs to prepare a ‘Statement of Account and Solvency’ within a period of six months from the end of each financial year. Such Statement shall be filed with the Registrar within a period of 30 days from the end of six months of the financial year to which the statement relates, that means due date for LLP form 8 will be by 30th October. Well, hurry up and file it with ROC before you miss the window of last date!

Important update on LLP Annual Filing Due dates

Under the Revised LLP Settlement Scheme, 2020, All the LLPs can complete their pending Annual Filings without any late filing fees or penalties. The due date for the LLP Annual filing has been extended till 31.12.2020 as the date for the conclusion of the LLP Settlement Scheme, 2020 has been extended from 30th September to 31st December, 2020. Hence all the Annual filing forms given below can be filed on or before 31st December, 2020 without any penalties. This is One time one-time relaxation in payment of additional fees and immunity from prosecution.

1.What is LLP Form 8?

LLP Form 8 is an Annual Filing Form, to be filed with ROC every year. It is Statement of Accounts and Solvency. This Form contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP. This form has to be filed by the LLP on an annual basis.

2.What are the requirements for filing the Statement of Accounts and Solvency and what shall be the Form 8 Attachment?

1) Requirement:

Digital Signature of Both Designated Partners and knowledge of basic details of the LLP.

If the turnover of LLP exceeds Rs. 40 lakhs or Partner’s contribution exceeds Rs. 25 lakh, then certification by the auditor of the LLP/ FLLP will be Mandatory.

2) Attachment:

Copy of Balance Sheet and Profit & Loss Account of the LLP, Disclosure under MSME, 2006 and Statement of Contingent Liabilities not provided for, if any.

3.What is Form 8 Due date for filing?

For the Financial year ending 31st March 2019; LLP Form 8 due date is 30th October 2019.
Note: In view of LLP Settlement Scheme, 2020, the Due date for LLP Form 8 is considered to be 31st December, 2020. Hence, Form 8 cam be filed till 31.12.2020 without any late filing fees or penalties.

4.Who are exempt from Filing Form 8?

LLPs incorporated on or after 1st October 2018 are exempted from filing Form 8 for the financial year ended 31st March 2019. However, they may voluntarily file Form 8.

5.Who should file LLP Form 8?

Every LLP existing or incorporated on or before 30th September 2018 shall have to file Form 8 before 30th October 2019.

6.What are the LLP Form 8 Fees?

Filing Fees for Form 8 depends on upon the Capital Contribution structure of the LLP. Get in touch with us to calculate your correct fees.

7.Can Form 8 be revised once it has been filed?

No. There is no such option to revise Form 8 once filed. Hence, utmost care must be taken while filing Form 8.

8.What shall be the Penalty for non-filing of Annual Return?

If LLP fails to file form 8 within the prescribed time, it is liable to pay fine of  Rs. 25,000 which may be extended to Rs. 5,00,000. Delayed filing will also lead to severe additional fees.

9.Are there any other compliances to be done for LLP?

Every LLP is required to file an Annual Return within 60 days from end of Financial year containing details in respect of the number of Partners, Designated Partners and amount of contribution received from Partners as on 31st March every year. This is to be filed in Form 11.

Further, if the turnover of LLP exceeds Rs. 40 lakhs or Partner’s contribution exceeds Rs. 25 lakh, the LLP is required to have its Accounts audited by a Practicing Chartered Accountant.

Know more here.

File the LLP Form 8 today! (if not done already) to avoid facing consequences of heavy penalties.

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