The deadline for filing Form-8 of LLP has been extended to December 30, 2021 by the MCA.

The deadline for filing Form-8 of LLP has been extended to December 30, 2021 by the MCA.

Many things have changed as a result of the COVID-19 pandemic, and people are finding it difficult to adjust to their new lifestyle. Taxpayers have complained to the Ministry of Corporate Affairs about issues filling out paperwork online because the online option is new to most individuals, and reaching out for technical assistance is difficult owing to corona. LLPs must digitally sign Form 8 when filling out their Statement of Account and Solvency. Businesses are unable to generate digital signatures because offices are closed owing to the lockdown, causing delays in filing forms and paperwork.However, good information for LLPs who are having trouble producing an e-form statement of finances and solvency."In accordance with the Income Tax Act of 1961, the Central Board of Direct Taxes did agree to extend the deadlines for online submission of several forms which includes Form 8.

Limited Liability Partnerships must file their Statement of Account and Solvency within thirty days of the end of the first six months of their fiscal year, and their Annual Return within sixty days of the fiscal year's end. Furthermore, Limited Liability Partnerships, unlike corporations, are required to keep a financial year that extends from April 1 to March 31. As a result, even if the LLP did not conduct any business during the year, the Statement of Accounts and Solvency must be completed on or before October 30th of each financial year, and the annual return for LLPs must be filed on or before May 30th of each year.

Every year, all LLPs must get their books in order, put in statistics on profits and other financial information about their business, and file Form 8 (statement of account & solvency).A minimum of two Designated Partners or Authorised Representatives of a Foreign LLP must digitally sign Form 8 if the LLP's total turnover is less than or equal to Rs 40 lakh or the partner's contribution obligation is less than or equal to Rupees 25 lakh. If the LLP's total turnover exceeds Rupees 40 lakh or the partners' contribution obligation exceeds Rupees 25 lakh, Form 8 must be confirmed by the LLP/ FLLP's auditor. A practising chartered accountant, a practising company secretary, or a practising cost accountant must confirm the signatures of the chosen partners to Form 8, which must also be validated by a professional chartered accountant, a practising company secretary, or a practising cost accountant. If the statement of accounts and solvency report are not filed by the due date, a fee of Rupees 100 per day will be charged. The deadline to file Form 8 each fiscal year is October 30.

However, under General Circular No 16/2021, the Ministry of Corporate Affairs has granted LLPs a one-time two-month extension to file eForm-8 (Statement of Account and Solvency) from October 30, 2021, to December 30, 2021, as part of the government's ongoing efforts to enhance ease of life and compliance for Micro, Medium, and Small Businesses operating under the LLP structure. As a result, LLPs can file the eForm-8 for FY 2020-21 until December 30, 2021, without incurring any additional costs.Hundreds of businessmen who were unable to attend the office to obtain a digital signature certificate due to the shutdown will profit from the decision.

The following are the documents that should be attached to Form 8:

•    Disclosure is a required attachment under the Micro, Small, and Medium Enterprises (MSME) Development Act of 2006.

•    A statement of contingent liabilities must be submitted if any contingent commitments exist.

•    As an optional attachment, any other pertinent information can be included.


Siddhi Agrawal
My name is Siddhi Agrawal, and I am a second-year student at Chanakya National Law University studying B.A. LLB(Hons).

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