file LLP form 8 in the new portal

How to file LLP form 8 in the new portal

Online Legal India LogoBy Online Legal India Published On 14 Nov 2022 Updated On 18 Jan 2023 Category Limited Liability Partnership

Every Limited Liability Partnerships (LLP) registered in India are required to submit LLP Form 8 annually, also known as a Statement of Account & Solvency. Regardless of the LLP's turnover, filing LLP Form 8 with the Ministry of Corporate on the MCA portal is required.

Additionally, LLP must submit these Accounts to the LLP Registration (Form 8) within 30 days after the conclusion of the first half of the financial year. Therefore, it is required to file your accounts by October 30th of each year.

Due date to file LLP Form 8

The government has agreed to permit LLPs to file LLP Form 8 for the financial year 2020–21 without paying additional fees up until December 30, 2021, in an effort to improve the comfort of living and compliance for Micro, Medium and Small Enterprises conducting business through the vehicle of LLP.

Procedure to file LLP Form 8

  1. Download the form with proper instructions: You may easily get the Form from the MCA website.
     
  2. Find out your LLPIN: Enter your LLP name to see all LLPs registered with MCA that contain the words you've entered. Get the LLPIN associated with your chosen LLP by selecting it.
     
  3. Prefill the LLP form 8: Use the pre-fill feature to complete the Year to which this form refers and the Periodicity of the form (annual or interim). All information up to Part A point no. 1 will be automatically shown.

The total financial responsibility of the contribution (Capital Contribution) as of the aforementioned date will immediately appear and will be in accordance with your Form 11 - Annual Return.

  1. Fill Statement of Account and Statement: Fill out the Statement of Accounts and the Statement of Income and Expenditure after utilising the Pre-fill utility. Where there is no quantity to mention, enter "0."
     
  2. Attach documents: After that, upload the required files and attachments as described above.
     
  3. Sign and submit the form: Go over the form once more and look for problems before submitting. Click Submit after adding your digital signature to the form to approve it.
     
  4. Upload the form: Submit the form and make the necessary transaction fee payment.

For reference in the future, write down the created SRN number.

Attachment list

  • Under the MSME Development Act of 2006, disclosure (this attachment is mandatory).
  • Accountability Financial Statement (if applicable).
  • Contingent Liability Statement (if contingent liability exists).
  • any other supporting documentation that may be needed.

Certifications for LLP Form 8

The form must be validated by the LLP or FLLP's auditor if either the total turnover of the LLP or FLLP exceeds forty lakh rupees (INR 40, 00, 000) or the partner's requirement of contribution exceeds twenty-five lakh rupees (INR 25, 00, 000).

Additionally, if the form is certified by a recognised partner or authorised agent, a practising professional must also certify it.

In LLP Form 8, professional certification includes:

  • Verification of the accuracy and truthfulness of the information provided on the forms using the LLP or FLLP's records;
     
  • Verification of the truth, accuracy, and completeness of the statement of assets and liabilities, income and spending, and other documents attached to the forms; and
     
  • The forms have been fully attached with any necessary attachments.

LLP compliance chart

Regardless of the company's income or turnover, all LLPs registered in India are required to submit the aforementioned documents each fiscal year.

  • LLP Form 11 Filing – Annual Return – Due on 30th May
  • LLP Form 8 Filing – Statement of Account & Solvency – Due on 30th October
  • ITR-5 – Income Tax Return for LLP – Due on 31st July if Tax Audit is not required. Due on 30th September, if Tax Audit is required.

Statement of account & solvency

The name Statement of Account & Solvency is also used for LLP Form 8. The LLP must detail all financial transactions made during the financial year as well as its standing at year's end in LLP Form 8. The LLP must also declare the following in addition to its financial situation:

  • Declare whether the turnover is 40 lakhs rupees or less.
  • Declare that the LLP has already submitted a statement outlining the addition, modification, or satisfaction of debts up to the current fiscal year.
  • Declare that the partners or authorised representatives have complied with their obligations to maintain accurate accounting records and prepare financial statements.

Signature of partners & chartered accountant

A minimum of two Designated Partners of an LLP or Authorized Representatives of a Foreign LLP must digitally sign LLP Form 8. If the LLP's overall revenue exceeds Rs. 40 lakhs or a partner's obligation to contribute exceeds Rs. 25 lakh, LLP Form 8 must also be approved by the LLP's or FLLP's auditor. Otherwise, a minimum of two Designated Partners' digital signatures would be sufficient.

Penalty for non-filing of LLP Form 8

A penalty of INR 100 per day from the deadline for filing LLP Form 8 till the actual submission of the Form is due if the LLP fails to do so.

Important details to remember:

  • Every LLP that was registered on or before September 30, 2018, must submit a LLP Form 8 statement for the fiscal year that ends March 31, 2019.
     
  • Form 8 must be submitted by 30 October 2019 for the fiscal year that ends on March 31, 2019.
     
  • The following table lists the Form 8 filing costs:

Contribution of LLP

Filing fees of LLP Form 8

Up to INR 1 Lakhs

INR 50 

More than INR 1 Lakhs up to INR 5 Lakhs

INR 100 

More than INR 5 Lakhs up to INR 10 Lakhs

INR 150 

More than INR 10 Lakhs 

INR 200

Conclusion

If you have read the above-mentioned points then you would understand by now that it is crucial to file LLP form 8. For any further clarification, you can visit our website, Online Legal India.


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