Extension of Due date for Filing LLP Form 8

Ministry of Corporate Affairs (MCA) vide General Circular No. 16/2021 dated 26.10.2021 announced the extension in the due date for filing LLP Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-21 without paying additional fees up to 30th December 2021. LLP Form 8 must be filed every year by all Limited Liability Partnerships (LLPs) registered in India. The current article briefs the extension so provided.

Synopsis of Notification

Due to representations received from various stakeholders for the extensions of the due date for the Statement of Account and Solvency without paying additional fees by LLPs on account of challenges faced by the LLPs due to the COVID-19 pandemic, the MCA has decided to allow the extension in the due date for filing Form 8 for the Financial Year 2020-21 without paying additional fees up to 30th December 2021. The official notification about the Extension of Due date for Filing LLP Form 8 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2021/10/LLPGeneralCircularNo16_26102021-1.pdf" title="LLPGeneralCircularNo16_26102021 (1)"]

LLP Annual Filing

Every Limited Liability Partnerships (LLPs) is required to file its annual return within 60 days from the end of the financial year and Statement of Account & Solvency within 30 days from the end of six months of the close of the financial year. Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the following Forms with the Registrar every year:

Sl. No.	Document	e-Form
1.	Statement of Account & Solvency	Form 8
2.	Annual Return	Form 11

LLP Form 8 - Statement of Account & Solvency

Form 8 is also known as Statement of Account & Solvency. In Form 8, the LLP must provide details of financial transactions undertaken during the financial year and position at the end of the financial year. In addition to the financial position, the LLP must also declare the following:

Declare that the turnover is above or below Rs. 40 lakhs.
Declare that the LLP has already filed a statement indicating the creation of charges or modification or satisfaction till the present financial year.
Declare that the partners/authorized representatives have taken proper care and responsibility for the maintenance of adequate accounting records and preparation of accounts.

Due Date for Filing LLP Form 8

Statement of Account and Solvency shall be filed with the ROC within 30 days from the end of six months of the financial year to which the statement relates that means the due date for filing LLP Form 8 is 30th October of each financial year. The due date for filing LLP form 8 (LLP Annual Filing) for the FY 2020-21 is 30.12.2021( As extended)

Consequences of the Non-filing of Form 8

Failure to file LLP Form 8 can incur a penalty of Rs.100 per day. In addition to filing LLP Form 8, all LLPs must file LLP Form 11 before 30th May of each financial year. Ministry of Corporate Affairs (MCA) has announced that LLP can now file Form 8 (the Statement of Account and Solvency) without paying additional fees up to 30th December 2021. Note: IndiaFilings provides a comprehensive LLP compliance service that includes annual filing and LLP income tax return filing at a very affordable price point Click here to File your LLP annual return

Documents Required

Limited Liability Partnerships (LLPs) need to attach the following documents to file Form 8.

Disclosure under the Micro, Small, and Medium Enterprises Development Act, 2006 is a mandatory attachment.
In case of contingent liabilities exists; a Statement of contingent liabilities to be attached.
Any other information can be provided as an optional attachment.

Other Requirements to File Form 8

Digital signature

The eForm should be digitally signed by a minimum of two Designated Partners of LLP or Authorised Representatives of FLLP.

Certification

In case the total turnover of the LLP/ FLLP exceeds Rs. 40 lakhs or partner’s obligation of contribution exceeds Rs. 25 lakh, then the eForm should be certified by the auditor of the LLP/ FLLP. In other cases, the eForm is to be certified by the Designated Partner in the case of LLP and by Authorised Representative in case of FLLP.

Professional Certification

In case the form is certified by a designated partner or authorized representative (i.e. total turnover of the LLP/ FLLP does not exceed Rs. 40 lakhs and partner’s obligation of contribution does not exceed Rs. 25 lakh) then the eForm is to be additionally certified by a practicing professional.

Procedure for Filing LLP eForm 8

The Designated partner (DP) (in case of LLP) or authorized representative (AR) (in case of Foreign Limited Liability Partnership (FLLP)) can upload the e-Forms on the LLP portal (after registering oneself as a user of the portal).

Download eForm 8

The applicant needs to access the official website of the Ministry of Corporate Affairs to download Form 8. Form 8 is attached here for ready reference. [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2021/10/1127-Form8LLP.pdf"]

Provide Details

Fill in the details in the downloaded eForm. The information to be provided in the eForm should be as of March 31 of the year for which the statement is being filed.

Enter Limited Liability Partnership identification number (LLPIN) or Foreign Limited Liability Partnership identification number (FLLPIN) and click on the Pre-Fill button.
The system will automatically display the name, registered office address (in case of LLP) or name, address of the principal place of business in India (in case of FLLP), and email ID of the LLP or FLLP. In case there is any change in the email ID, enter the new valid email ID.
The system will also display ‘Total monetary value of obligation of contribution’ as on the date for which the statement is being filed

Digital signature

Enter the Designated partner identification number (DPIN) in case the person digitally signing the eForm is DP.
Enter income-tax PAN in case the person signing the eForm is an authorized representative

Professional Certification

Enter the details of the person certifying the eForm. Enter the DPIN in case the certificate is given by the designated partner, income tax PAN in case of an authorized representative, or membership number in case of the auditor.
The system shall automatically display the name and address of the designated partner or authorized representative. In the case of the auditor, these details shall have to be entered
Select the relevant category of the professional and whether he/ she is an associate or fellow.
In case the professional is a chartered accountant (in whole-time practice) or cost accountant (in whole-time practice), enter the membership number.
In case the practicing professional is a company secretary (in whole-time practice); enter the certificate of practice number. Professional certification in Form 8 includes the following:
- Verification of particulars filled in the forms from the records of the LLP or FLLP as true and correct;
- Verification that the statement of assets & liabilities and income and expenditure and other documents attached with the forms is true, correct, and complete; and (iii) All the required attachment(s) have been completely attached to the forms. `

Pre-scrutinize the eForm

After the eForm has been filled, click the Prescrutiny button to pre-scrutinize the eForm. If the eForm is not pre-scrutinized, it shall be rejected when you attempt to upload the eForm.

Fee Payment

The system will calculate the fee, including late payment fees based on the due date of filing, if applicable.
Payments will have to be made through appropriate mechanisms - electronic (credit card, Internet banking, NEFT, Pay Later) or traditional means (at the bank counter through challan).
LLP will provide a unique transaction number, the Service Request Number (SRN) which can be used by the applicant for inquiring about the status of that transaction.
Filing will be complete only when the necessary payments are made.

Digitally sign and Submit Form

As mentioned above, the form needs to be digitally signed by the Proposed Director / Primary Owner who has signed form 8. On successful submission of the eForm 8, The eForm will be processed by the Registrar of Companies.