LLP Form 8 Filing: Late Fee & Applicability

  • Setindiabiz Team
  • June 7, 2024
LLP Form 8 Filing Late Fee & Applicability

Limited Liability Partnership (LLP) is one of the most popular and highly preferred business structures in India. This business structure offers benefits of a private limited company with fewer compliance obligations. However, there are some annual compliances that LLPs must adhere to; Form 8 is one of such annual compliances. Develop deeper insights into LLP Form 8 such as its introduction, due date for filing, filing fee and penalty for non-filing of Form 8, with the below blog.

BRIEF SUMMARY
Since its introduction, Limited Liability Partnership (LLP) has been one of most attractive business structures in India. Contrary to a private limited company, LLPs need to meet lesser compliance regulations along with enjoying features of a private limited company. In order to ensure financial transparency and fulfill legal accountability, LLPs are also required to follow several compliances timely. LLP Form 8 filing is one of the crucial compliances for all the LLPs registered in India.

What is Form 8 for LLPs?

Now, several questions will be floating in your mind such as what is Form 8 for LLP, late fee or penalty for filing Form 8 LLP? Form 8 in LLP is a statement of accounts and solvency that is applicable to all LLPs regardless of their turnover. Through this form, an LLP declares officially that its financial position is healthy enough and thus, it is capable enough to pay its liabilities and debts. Some other key particulars of the financial statement of the LLP are also disclosed in this form. LLPs need to submit these details through Form 8 within 30 days after the conclusion of the first half of the financial year. And hence, it is required to file LLP Form 8 by October 30th of each financial year.
LLP Form 8 annual filings is one of the necessary compliances for LLPs that needs to be followed properly and timely to avoid consequences associated with late filing such as late filing fees or penalty for form 8 LLP. With the below post, you will get to know about some necessary facets of LLP Form including Form 8 LLP due date, late fee, or penalties!
It’s necessary for the LLPs to submit these details through Form 8 within 30 days after the conclusion of the first half of the financial year. And hence, it is required to file LLP Form 8 by October 30th of each financial year. Failing to file Form 8 LLP can attract hefty late fees or penalty for form 8 LLP.

Filing of Form 8 LLP Due Date

The Filing of Form 8 LLP due date is 30th October of each financial year. Failing to file LLP Form 8 can impose a late fee or penalty of Rs. 100 per day. Along with filing LLP Form 8, LLPs are also required to file LLP Form 11 on or before May 30 of every financial year.

Details Required for Filing Form 8

For filing LLP Form 8 successfully, you must have several required details to be mentioned in the form. The details and information required for filing Form 8 are listed below:
  • LLP Name and Address of the LLP
  • LLPIN (Limited Liability Partnership Identification Number)
  • Jurisdiction of Police Station for the registered address of the LLP
  • Whether any charge is modified in favour of an Asset Reconstruction Company (ARC) or assignee
  • If the turnover exceeds Rs 40 lakhs of the LLP 
  • Whether the obligation of contribution exceeds Rs 25 lakhs
  • Statement of Assets and Liabilities as of 31st March
  • Statement of Income and Expenditure for the financial year
The aforementioned details are necessary and thus to be kept handy before filing Form 8 by LLPs. Having availability of such details helps in accurate, convenient and faster filing of FORM 8 LLP and thereby ensuring compliance to Form 8 by an LLP.

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

In case, the LLPs fail to furnish Form 8, then a penalty would be subjected to pay from the last date of filing of Form 8 till the actual date of filing of the LLP Form 8. Depending upon the time span taken to late filing LLP Form 8, the late or penalty also vary.

LLP Form 8 Filing Fees

The LLP Form 8 filing fees vary according to the annual turnover of the LLPs. The table provided below gives you a better understanding of filing fees of Form 8 for different LLPs.
Contribution of LLP Filing fees of 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 up to INR 25 Lakhs
INR 200
More than INR 25 Lakhs up to INR 1 Crore
INR 400
More than INR 1 Crore
INR 600

Late fees or Penalty for Late Form 8 LLP Filing

The table provided below gives you information about the late filing fees Form 8 of LLP as per the different delay period of filing this form.
S.No Period of Delays Small LLPs Other than Small LLPs
1.
Upto 15 days
One time
One time
2.
More than 15 days and upto 30 days
2 times of normal filing fees
4 times of Normal Filing Fees
3.
More than 30 days and upto 60 days
4 times of normal filing fees
8 times of Normal Filing Fees
4.
More than 60 days and upto 90 days
6 times of normal filing fees
12 times of Normal Filing Fees
5.
More than 90 days and upto 120 days
10 times of normal filing fees
20 times of Normal Filing Fees
6.
More than 180 days and upto 360 days
15 times of normal filing fees
30 times of Normal Filing Fees
7.
More than 360 days
25 times of normal filing fees
50 times of Normal Filing Fees

LLP Form 8 filing is one of the essential annual compliances that each LLP must fulfill. LLP Form 8 filing timely not only ensures you to stay compliant to LLP obligations but also helps you stay away from the consequences as well as late filing fees for form 8 of LLP. Depending upon the time taken for filing LLP Form 8, the late filing fee for form 8 of LLP. LLP Form 8 filing timely is the key to avoid any sort of extra financial burden.

Consult a professional Compliance assistance providing company to help you file your LLP Form 8 appropriately on or before the deadline and prevent excess financial burden of late filing fees!

Conclusion

FAQs

Q1: Who needs to authorise LLP Form 8?

LLP Form 8 is a form that requires digital signature of at least two designated Partners of LLP or Authorised Representatives of Foreign LLP in case the total turnover of LLP is less than or equal to Rs 40 lakh or the obligation of partner’s contribution is less than or equal to Rs. 25 lakh. If the total turnover of the LLP crosses Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh, in such condition the Form 8 must be certified by the auditor of the LLP or FLLP.

Q2: What consequences you may face due to non-filing of LLP Form 8?

Form 8 must be duly filled and submitted on or before October 30 of each financial year. Failing to file LLP Form 8 can incur a LLP Form 8 penalty of Rs. 100 per day of delay.

Q3: Is it possible to amend Form 8 LLP after its furnishing?

There is no choice for resubmission of LLP Form 8 so it’s always advisable that each particular entered in eForm 8 are filled carefully and must be checked before final submission.

Q4: What is the time limit for filing Form 8 LLP?

All LLPs are required to file Form 8 every financial year. If you look at the time limit or deadline for LLP Form 8 filing, it must be filed within 30 days from the end of six months from the end of the financial year.

Q5: Who is exempted from filing Form 8 LLP?

LLPs registered on or after October 1, 2018 are privileged from LLP Form 8 filing for the fiscal year ended 31st March. However, they may file LLP Form 8 voluntarily.

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