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Extension Of Form 8 In LLP For FY 2020-2021 - RegisterExperts

Extension Of Form 8 In LLP For FY 2020-2021

Every LLP after getting registered has to do certain mandatory compliance For LLP every year to maintain active status. If any LLP fails to do these compliances on time certain penalty provisions will be applicable on the LLP after the expiry of the specified time. Although the LLP enjoys certain exemptions on compliances in comparison to private limited companies like the appointment of the auditor, conducting an annual general meeting, filing of commencement of business form, etc. but still the LLP has to prepare a balance sheet, profit & loss a/c, other financial documents, has to obtain audit report from the auditor, also needs to file ITR, and KYC of the designated partner these are the basic compliances which all LLP has to do every year within the prescribed time limit. 

The LLP needs to file 2 forms to the ROC every year for submitting the financial statement and an annual return to the ROC in form 8 & form 11. All LLP has to file Annual Return to the ROC in form 11 within 60 days from the closure of each financial year. And statement of account & solvency to the ROC in form 8 within 30 days from the end of six months of each financial year. If any LLP fails to file these forms, then there will be a penalty of Rs. 100/- per day per- form shall be leviable on such LLP and its partners.

Due to COVID-19, the Ministry of Corporate Affairs (MCA) has extended the last date of filing of form 8 from 30th October to 30th December of this year. This extension is granted only for FY 2020-21 under circular no. 16/2021

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