MCA extended Due Date to file Form-8 till 30.12.2021

Last Updated On: Nov. 13, 2021, 11:54 p.m.
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What is Form 8 under the LLP Act?

Form 8 refers to a Statement of Account & Solvency. It reflects the financial transactions that took place during the financial year & also financial standing during the year. 

 

What additional information needs to be provided along with Form 8?

Form 8 is a Statement of Account and Solvency. It gives us a clear picture of financial transactions undertaken during the financial year and also the financial position during the year. In addition to this, the LLP must also declare:

  • It has previously filed a statement indicating the creation of charges/modification/satisfaction until the current financial year.
  • If the turnover whether it is above or below Rs 40 lakh.
  • Assets in the financial year
  • Contribution and investment details
  • Also, declare that the partners/authorized representatives have taken due care and responsibility for the preparation of accounts and proper maintenance of the same.

 

What are the attachments to Form 8?

The following documents must be attached with Form 8:

  • Disclosure under Micro, Small and Medium Enterprises (MSME) Development Act, 2006 is a mandatory attachment.
  • Statement of contingent liabilities to be attached in case any contingent liability exists.
  • Any other relevant information can be provided as an optional attachment.

 

Form 8  must be digitally signed by a minimum of two Designated Partners of LLP or Authorised Representatives of Foreign LLP if the total turnover of the LLP is less than or equal to Rs 40 lakh or partner’s obligation of contribution is less than or equal to Rs 25 lakh.
In case the total turnover of the LLP exceeds Rs 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh, then Form 8 must be certified by the auditor of the LLP/ FLLP.

 

 

CONCLUSION:

Considering the representation received by the MCA, the authority has taken a decision to extend the timeline for filing form 8 upto 31st December 2021 without imposing any additional fee or penalty. This would help all the LLP to file their form-8 within the prescribed date and skip additional fee.

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