Annual filing of LLP in Form 8
An LLP is a unique business structure, its a hybrid of company and partnership firm. It provides the benefits of limited liability of a company and gives its members the flexibility for organising their internal structure as a partnership firm.
LLP Registration in India is governed by the Limited Liability Partnership Act, 2008. The Act and rules mandate the LLP to file various returns/statements. The following table lists the Annual LLP compliance to be fulfilled under the LLP Act, 2008–
|Sr. No.||Respective Form||Particulars||Due date|
|1||LLP Form – 11||Annual Return of Limited Liability Partnership (LLP)||30th May|
|2||LLP Form 8||Statement of Account & Solvency||30th October|
Provisions of section 34 (3) of the Limited Liability Partnership Act, 2008 read with rule 24 of the Limited Liability Partnership Rules, 2009 mandates every LLP to prepare a Statement of Account and Solvency for every financial year. Each and every LLP, irrespective of turnover, is required to furnish a ‘Statement of Account & Solvency’ in Form 8.
LLP Form 8 covers a declaration on the state of solvency of the LLP. Further, it also includes information relating to the statement of income and expenditure and the statement of assets and liabilities of the LLP.
The present article provides a briefing on Form 8 covering points like due date, attachments, signature requirement, the penalty for non-filing, etc.
The due date for filing LLP Form 8
Every LLP is required to file Form 8 within a period of 30 days from the end of 6 months of the respective financial year. Accordingly, the due date of Form 8 is 30th October of every year.
List of Attachments to Form 8
- Disclosure under Micro, Small, and Medium Enterprises Development Act, 2006 (this attachment is mandatory).
- Audited Financial Statement (if applicable).
- Statement of Contingent Liability (if contingent liability exists).
- Any other additional documents, as required.
The signature requirement of Form 8
- Form 8 needs to be digitally signed by a minimum of two designated partners of LLP (authorized representative in case of Foreign LLP).
- Additionally, Form 8 needs to be certified by the Auditor. Such an auditor’s certificate is required only in case the total turnover of LLP exceeds INR 40 Lacs Or the partner’s obligation of contribution exceeds INR 25 Lacs.
It should be noted that Form 8 can be certified either by the Chartered Accountant (in whole-time practice) or the Company Secretary (in whole-time practice), or the Cost Accountant (in whole-time practice).
Penalty for non-filing of Form 8
In case the LLP fails to file Form 8 or delays filing, there are hefty penalties that need to be paid by them.
|Delay||Penalty for small LLPS||Penalty of non-small LLPs|
|Upto 15 days||1x Normal filing fees||1x Normal filing fees|
|16-30 days||2x Normal filing fees||4x Normal filing fees|
|31-60 days||4x Normal filing fees||8x Normal filing fees|
|61-90 days||6x Normal filing fees||12x Normal filing fees|
|91-180 days||10x Normal filing fees||20x Normal filing fees|
|181 to 360 days||15x Normal filing fees||30x Normal filing fees|
|More than 360 days||15x Normal filing fees plus an additional INR 10 per day of delay post 360 days||30x Normal filing fees plus an additional INR 20 per day of delay post 360 days|
Important points to be taken care of
- Every LLP registered on or before 30th September of any financial year is required to mandatorily file a statement in Form 8 for the same Financial Year ending on 31st March. For example, if an LLP is registered on or before 30th September 2021, it is mandatory for the same LLP to file Form 8 for FY 2021-22 on or before 30th October 2022.
- The due date for filing Form 8 for the Financial Year ending on 31st March is 30th October.
- Filing fees of Form 8 are tabulated below:
|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||INR 200|
It should be noted here that, in case of Foreign Limited Liability Partnership, the filing fees of Form 8 are INR 1000.
Frequently Asked Questions
- What is LLP Form 8 for?
LLP form 8 is an annual compliance form that all LLPs have to file with the ROC. It provides details of the LLPs accounts and solvency. It also shares the details of the LLPs income and expenditure, and of assets, if any.
- Who is required to fill Form 8?
Every LLP registered on or before 30th September 2018 is legally mandated to file Form 8 annually. The due date for filing is 30th October of every year.
- What documents need to be attached with form 8?
Form 8 needs to be submitted with the DSC of its designated partners and basic details of the LLP. Ford LLPs with a turnover of greater than INR 40 lakhs or one of the partners has contributed more than INR 25 Lakhs in the LLP, an auditor’s certificate is necessary.
CA Poonam Gandhi
Chartered Accountant, based at Ahmedabad having vast practice experience of more than 9 years in the field of Indirect Taxation. Currently, working as a 'freelance content writer' and associated with the top most leading sites. Also acting as an educator for the taxation course, 'Certificate on taxation law and GST', for the site https://www.intolegalworld.com/.