LLP-8 Form Due Date, Process – Avoid Penalties by Filing on Time!

LLPs are required to file LLP-8 Form at the earliest, failing which leads to fines, and the deadline for filing this form is knocking at the door. The last date to file this Form is 30.10.2024 and if any person fails to submit the same then there is provision to pay ₹50 per day till the form is filed.

Now it’s time to examine why this filing is crucial, what happens if you miss the deadline, and how to file the LLP-8 Form?

What is LLP-8 Form?

The LLP-8 Form is an annual return report submitted to the MCA bare by every LLP. It has details of the financial position and the overall solvency of the LLP as on the last fiscal. The said form must be signed by the partners of the LLP in support that the accounts have been prepared in accordance with the LLP Partnership Agreement as well as the financial statements give a true and fair view of the LLP accounts.

In short, this Form is used as a method for the LLP to submit its financial information to the government and is legal requirement.

Who Needs to File LLP-8 Form?

All working LLPs which have furnished their LLP registration and are carrying out their business are supposed to file Form 8. In case the LLP did not engage in any business in the financial year, it too is filed as a ‘NIL’ form.

Due Date: October 30, 2024

For the financial year ended March 31, 2024, this Form is to be filed by October 30, 2024. It thus can be inferred that it is important that LLPs do so to meet this deadline to avoid incurring any penalties.

Penalty for Late Filing

In other words, if the LLP- 8 Form is not filled by October 30, 2024 aimed at reporting particulars regarding partners’ contributions, the company will face charges of ₹50 per day. The penalty is charged daily until the form is filled which can be cumulative if the filing is due. To be on the safe side, there is nothing wrong with filing the form on time so as to avoid the mentioned penalties.

Filing Process for LLP-8 Form

Here’s a step-by-step guide on how to file the Form:

Step 1: Prepare the Financial Statements

Before you start the filing process, ensure that the accounts of the LLP have been prepared for the financial year. The financial statements must be authenticated and approved by the designated partners, as per the provisions of the LLP partnership agreement.

Step 2: Download Form 8

1. Go to the MCA portal at www.mca.gov.in.
2. Log in to your account or register if you don’t have an account yet.
3. Navigate to the e-Forms section and download Form 8.

Step 3: Fill in the Required Details

Once downloaded, fill out the form with the following details:

• LLP identification number
• Financial year for which the form is being submitted
• Statement of solvency
• Details of charge (if any)
• Income and expenditure statements
• Balance sheet information

Make certain that all aspects correspond to the financial documents of the LLP.

Step 4: Certification by Partners

After filling out the form, the form should be digitally signed by the appropriate partners using Digital Signature Certificate (DSC). At least two partners have to affix their signatures at the form to affirm that the accounts have been kept properly and those are the real accounts of the LLP.

Step 5: Submit on MCA Portal

After the LLP-8 Form is filled and signed, again login to the MCA portal, to upload the filled form and also pay the literal filing fees.

Step 6: Confirmation of Filing

After successful submission, you will receive an acknowledgment from MCA and stating that your form has been filed. Keep this for your records.

Consequences of Non-Compliance

LLP-8 must be submitted by October 30, 2024, and failure to do so will attract a fine of ₹50 per day, and the MCA may list your LLP as complacent. While non-compliance is usually temporary and occurs occasionally it has the potential to occasion legal issues and erode the image of the LLP. Filing timely also helps to maintain your LLP to be in good standing with the government, and also ensures that your financial books are clear.

Conclusion

Foreign LLPs are first required to file the LLP-8 Form and it is critical to file the this Form before October 30, 2021 for the compliance of LLP Company with the MCA. When you are registering your LLP and preparing the accounts according to the LLP registration and partnership agreement you do not face such hurdles and penalties are also eliminated.

Don’t postpone – check that your LLP’s accounts and records are ready and file LLP-8 on time!

DISCLAIMER: The information provided in this article is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990777 or info@semantictaxgen.in