LLPs Settlement Scheme, 2020 (LSS 2020)- Revised:
Earlier in March, 2020 MCA introduced an “LLP Settlement Scheme, 2020 to promote the ease of doing business and also to cleanse the system. It provided the LLPs a one-time relaxation in payment of additional fees and immunity from prosecution.
The MCA has further revised the “LLP settlement Scheme, 2020″. According to which, The LLPs will be provided with a chance to enable LLPs to make good of any filing-related defaults, irrespective of the duration of default, and make a fresh start as a fully compliant entity.”
Learn more about: Companies Fresh start scheme, 2020 & LLP settlement scheme, 2020
What will be the validity of the Revised LLP Settlement Scheme, 2020 (LSS 2020)?
- The Revised LLP settlement Scheme, 2020 is effective from 1st of April to 30th of September, 2020. (31.12.2020- duration date as extended).
- You need to file all your pending forms / Documents / returns etc during this period without any additional fees or penalties.
- And to avail the benefit of the scheme, you do not need to file any forms as that is in the case of Companies Fresh Start Scheme, 2020 (CFSS-2020)
- All you have to do is file the pending documents while the scheme is in force.
Note- Duration Period extended for LLP Settlement Scheme 2020 till 31.12.2020:
- The Finance Minister has extended the duration period (due date) for the LSS 2020 (LLP Settlement Scheme, 2020) from 30th September, 2020 to 31st December, 2020.
- So now the LLPs will be able to complete their Annual filings in LLP Form 8, LLP form 11, LLP Form 3 and LLP form 4, DIR 3 KYC etc till 31.12.2020 without filing any late fees or penalties.
Who will get benefit from the scheme?
- An LLP is required to file two forms annually. one is Form 11 which is a statement of annual return and another is Form 8, it is a statement of accounts.
- If LLPs fails to do so then the Late filing of such forms entail penalties of Rs. 100/- per day of default.
- All the defaulting LLPs will be granted benefit under the Revised LLP Settlement Scheme, 2020.
Benefits under the (LSS 2020) Scheme:
- You may file all your pending documents / forms without any additional fees on any return filed by the LLP under the scheme.
- The LLPs will be granted with the Immunity Certificate
- ROC shall withdraw any pending prosecution regarding such forms and proceedings of adjudication of penalties.
Why Ebizfiling as your service provider for Availing LLP Settlement Scheme, 2020 (LSS 2020) benefits?
Ebizfiling is a group of intellectuals. The entire team of Ebizfiling consists of Highly qualified CA, CS, Lawyers and business administrators. Ebizfiling would be a one stop destination for filing your pending documents / Form CFSS, 2020. Apart from this we provide services like Start up advisory, Secraterial compliance services, Private Limited Company registration services, ROC annual filling, PAN / TAN application, DIN registration, GST registration, Trademark registration, GST / Income tax return filing and many more. You may get in touch with our compliance manager on 09643203209 or email info@ebizfiling.com for free consultation and to know more about the services provided by us.