Simple Guide to Form LLP 8 Filing with Due Date & Penalty

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Learn the essential steps for filing Form LLP 8, including due dates, penalties, and compliance requirements. Ensure your LLP complies with Manoj Kumar D & Associates (MKDA) expert guidance. Avoid hefty fines by understanding the filing process and partnering with MKDA for seamless compliance management. Form LLP 8 is a crucial compliance requirement for all Limited Liability Partnerships (LLPs) registered in India. This form, known as the Statement of Account and Solvency, must be filed annually to declare the LLP's financial health and ensure that it can meet its liabilities. Understanding the filing process, due dates, and penalties is essential for maintaining compliance and avoiding hefty fines

What is Form 8 for LLPs?

Form 8 is a financial statement filed by LLPs to report their accounts and solvency status. It includes details about the LLP's assets, liabilities, and income-expenditure statements. Filing Form 8 is mandatory for all LLPs, regardless of turnover or profit, and it must be submitted to the Ministry of Corporate Affairs (MCA) every year.

Filing Form 8 LLP Due Date

The due date for filing Form 8 is October 30th of each financial year. Failing to meet this deadline results in penalties, which increase with the delay.

Details Required for Filing Form 8

Before filing Form 8, the following details must be prepared:

  • LLP Name and LLPIN (Limited Liability Partnership Identification Number)
  • Financial statements including assets, liabilities, income, and expenditure
  • Details of any charges on assets
  • Solvency declaration by designated partners

Step by Step to Produce MCA LLP 8 Form

  • Access MCA Portal: Log in to the MCA portal using valid credentials.
  • Select Form: Navigate to LLP Forms and select "Form 8 - Statement of Account & Solvency."
  • Fill Details: Complete the form with necessary financial information and digital signatures.
  • Submit and Pay Fees: After submission, pay the required fees to complete the filing.

Filing Fee for LLP Form 8 & Penalty for Non-filing of MCA

The filing fee for Form 8 varies depending on the contribution amount of the LLP, ranging from INR 50 to INR 800. If the form is not filed by the due date, a penalty of INR 100 per day is levied until the filing is completed.

Late Fees or Penalty for Late Form 8 LLP Filing

Late filing fees increase depending on the delay:

  • Up to 15 days: 1x of normal filing fees.
  • 16-30 days: 2x for small LLPs, 4x for others.
  • 31-60 days: 4x for small LLPs, 8x for others.
  • Beyond 60 days: 15x-30x of the normal filing fee plus an additional fee per day.

Conclusion

Filing Form 8 is a critical compliance step for LLPs. Adhering to the due date ensures your LLP remains in good standing and avoids unnecessary penalties. Consider partnering with Manoj Kumar D & Associates (MKDA) to make this process smoother and ensure compliance. MKDA assists LLPs with annual compliance needs, including Form 8 filing, ensuring accurate and timely submissions. With MKDA, you can trust that your LLP’s financial affairs are in expert hands, allowing you to focus on growing your business while staying compliant with all regulatory requirements. By choosing MKDA, you ensure that your LLP’s compliance requirements, including Form 8 filing, are handled with professionalism and expertise. Trust MKDA to keep your business compliant and penalty-free.

FAQs

What happens if LLP Form 8 is not filed?

If LLP Form 8 is not filed by the due date, a penalty of INR 100 per day is imposed until the filing is completed.

What is the penalty for LLP 8?

The penalty for late filing of LLP Form 8 can be up to INR 200 per day, depending on the duration of the delay and the LLP's size.

What is the turnover limit for LLP?

SThere is no specific turnover limit for filing LLP Form 8. However, LLPs with a turnover exceeding INR 40 lakhs or contributions exceeding INR 25 lakhs must have their financial statements audited.

Is GST mandatory for LLP?

Yes, LLPs engaged in the supply of goods or services must register for GST if their turnover exceeds the threshold limit set by the GST law.

Is tax audit compulsory for LLP?

A tax audit is compulsory for LLPs if their turnover exceeds INR 40 lakhs or their contribution exceeds INR 25 lakhs.

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