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The Filing of Return by every LLP must be done periodically. This means, like every other company, it will have LLP Annual filing under Form-8 on the respective due dates. This is done for maintaining the compliance and escape of hefty penalty under the law for non-compliance. The compliance procedure to be followed by the Limited Liability Partnership is very low as compared to the other public and private limited companies.
The compliance seems to be very high in case of the Limited Liability Partnership Registration. If non-filing of the taxes or annual return, it is penalized up to 5 Lakhs Rupees.
It means that every registered LLP has to make its statement of annual returns in the prescribed form that is, Form-11. This form is about the summary of the management of affairs of LLP, as the number of partners in LLP, names of the partners, the amount tax paid by LLP. Form 11 has to be submitted every year 30th May.
This concerns Form-8 which is to be submitted every year, where the LLP is required to maintain their books of accounts in place and fill in data concerning the profits made and other financial data regarding the business. This Form-8 needs to be attested by the CS-Company Secretary, CA-Charted Accountant, and Cost Accountant, who are practising.
Form-8 is the statement of Accounts and Solvency Report. The failure to file the Form-8 on the respective due dates will attract penalties, which is Rupees 100 per day.
The Form 8 that is, statement of Accounts and Solvency, in Form 8 has to be submitted within 30 days from the expiry of six months, from the closure of the financial year, that is last by the 31st October of the subsequent financial year.
There was a conflict concerning:
This anomaly created confusion, where the defaulting LLP were able to file returns, that is Form 8 of the financial year 2028-2019, and for the other years, belatedly up till 31.12.2020.
But the LLP’S were not able to file the Form-8 for the financial year, 2019-2020, as the due date for the filing of return or LLP Annual Filing under Form-8 were only 31.10.2020, which failed after 31.08.2020.
It can be concluded that the anomaly in the notification of March and September 2020, which created a conflict in the LLP Annual Filing, under Form8 and their respective due dates. The dates have been extended for the Form11 in which there was the belated filing of returns allowed up to 31st December 2020 for the financial year 2019-2020. But in the case of filing of form under Form-8, the respective belated filing was allowed for the year 2018-19, but for the financial year 2019-2020, the filing was allowed only 31st August, which as per the norm, to be done after 31st October, 2020 (as the filing is to be done for LLP registration after the completion of the financial year, in subsequent 6 months). This conflict was resolved in the issuance of clarification by MCA.
Read our article:LLP Registration: Step By Step Guide
She is B.Com (H), LL.B LLM, Cs (Module 2) And Certification In Cyber Law From ILI Qualified. She has Been A Legal Teacher In The Previous Organization. My Strength Is My Expertise Knowledge In Civil Laws, Corporate Law And Tax Laws. I Have Been Legal Teacher And Legal Trainer In The Past Organization. Her Knowledge About The Subjects Have Expanded Due To Teaching Number Students From Various Universities All Over India.
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