Updated : October 17, 2024LLP Form 8 Filing: Late Fee & Applicability
Overview : 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 LLP late filing fees/penalty for late or non-filing, with this blog.
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 Form 8 LLP filing? 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 llp 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 LLP Form 8 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 this form can attract hefty form 8 llp late fees or penalty.
Filing of LLP Form 8 Due Date
The Filing of LLP Form 8 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 8 & 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 |
Conclusion
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 such as Form 8 LLP late filing fees. 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.
