The Ministry of Corporate Affairs (MCA) released General Circular No. 08/2023 on August 23, 2023. The circular offers relief for late filing of specific LLP Forms. It aims to help Limited Liability Partnerships (LLPs) face challenges in submitting certain forms.
Challenges Faced by LLPs:
LLPs need to file specific forms as part of their legal obligations. Some LLPs encounter problems while trying to submit these forms. The LLP forms include:
1. Form-3: Related to LLP Agreements and changes.
2. Form-4: Involving partner appointments, changes, and consents.
3. Form-11: The LLP’s Annual Return.
These issues arise due to various reasons, including errors in the Ministry’s electronic records.
MCA’s Initiative – Waiving Additional Fees:
- MCA decided to waive extra fees for those who couldn’t file LLP forms 3, 4, and 11 on time.
- This is a one-time relief to promote ease of doing business.
- LLPs facing difficulties—like technical glitches or administrative problems—can benefit.
- The waiver applies to events from January 1, 2021.
- LLPs can file these forms without extra fees from September 1, 2023, to November 30, 2023.
Specifics of Filing Form-3 and Form-4:
- Form-3 and Form-4 will be processed quickly using a special method (STP).
- Unless changing business activities, forms should be submitted chronologically, starting with older dates.
- Some details in the LLP forms are pre-filled with company data, which can be edited.
- Accuracy is crucial to avoid legal consequences for the designated partner and endorsing professional.
- No extra fees for events after January 1, 2021. Events before that incur fees: double for small LLPs, four times for others.
Filing Timeline:
LLP forms can be filed without additional fees from September 1, 2023, to September 30, 2023.
Conclusion
MCA’s relaxation offers significant benefits for LLPs. Businesses should take advantage of this opportunity for smoother compliance. It’s essential to act promptly to reap the advantages highlighted in this notification.
If You have any queries then connect with us at [email protected] or [email protected] & Contact us & stay updated with our latest blogs & articles
