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Home > GST > Help Center > Form 8 of LLP

Form 8 - Statement of Account & Solvency of LLP Explained

Form 8 is an annual statement of account & solvency report to be submitted by every LLP, before Oct 30th. Learn the important of the form, process, dues dates, MCA fees, late fees etc.




Casual Form 8 - Statement of Account & Solvency of LLP Explained

This document covers

  1. What is Statement of Account & Solvency
  2. Due date for Filing Statement of Account & Solvency
  3. Small LLP
  4. MCA Fees for filing Statement of Account & Solvency
  5. Additional Fee (Penalty) for belated filing Statement of Account & Solvency
  6. Required details for filing Statement of Account & Solvency
  7. Certification in Statement of Account & Solvency

1. What is Statement of Account & Solvency (Form 8)

  • Statement of Account & Solvency should be filed in Form 8
  • Form 8 should be filed within 30 days from the end of 6 months from the end of Financial year.
  • Form 8 consists of 2 parts ie. Part A- Statement of Solvency and Part B-Statement of Accounts, Statement of Income and Expenditure.

2. Due date for Filing Statement of Account & Solvency (Form 8)

  • The due date for filing Statement of Account & Solvency in Form 8 is October 30 every year.
  • Statement of Account & Solvency in Form 8 needs to be filed irrespective of whether the LLP has started its business or not.

3. Small LLP

There is a new concept of small LLP introduced by LLP (Amendment) Act, 2021. Small Limited Liability partnership means a LLP

  1. Whose Contribution does not exceed Rs 25 lakhs or such higher amount which could be increased by Government upto maximum of Rs 5 Crores
  2. Whose Turnover in previous financial year does not exceed Rs 40 lakhs or such higher amount which could be increased by Government upto Rs 50Crores.

The purpose of Small LLP is to reduce the compliance burden, reduce the normal fees, reduce the penalty for non-compliance and eliminating the need for a professional signature. All LLP and ROC documents form "Small LLP" can be done through self-certification of the designated partner(s) of the LLP.

4. MCA Fees filing Statement of Account & Solvency (Form 8)

Every form which is filed with ROC will have Govt fee. The Government fee is as follows

S.NoContribution AmountFee Applicable
1Up to Rs 1,00,00050
2More than Rs 1,00,000 up to Rs 5,00,000100
3More than Rs 5,00,000 up to Rs 10,00,000150
4More than Rs 10,00,000 up to Rs 25,00,000200
5More than Rs 25,00,000 up to Rs 1,00,00,000400
6More than Rs 1,00,00,000600

5. Additional Fee (Penalty) for belated filing Statement of Account & Solvency (Form 8)

Belated filing of Statement of Account & Solvency (Form 8) attracts penalty. The Penalty for non-filing of Form 8 is Rs 100 per day till 31st Mar 2021. w.e.f 01st Apr 2022, Late fee for LLP Compliance has been reduced as follows

S.NoPeriod of delayAdditional fee payable for Small LLPs (INR)Additional fee payable for Other than Small LLPs (INR)
1Up to 15 days1 times of normal filing fees1 times of normal filing fees
2More than 15 days and up to 30 days2 times of normal filing fees4 times of normal filing fees
3More than 30 days and upto 60 days4 times of normal filing fees8 times of normal filing fees
4More than 60 days and upto 90 days6 times of normal filing fees12 times of normal filing fees
5More than 90 days and upto 180 days10 times of normal filing fees20 times of normal filing fees
6More than 180 days and upto 360 days15 times of normal filing fees30 times of normal filing fees
7Beyond 360 days15 times of normal filing fees plus Rs.10 per day for everyday delay beyond 360 days30 times of normal filing fees plus Rs.20 per day foreveryday delay beyond 360 days
Example

Krishna Information Technology Incorporated in May 2021 and not filed the Statement of Account & Solvency (Form 8) before 30th October 2022. Their Contribution is Rs 1,00,000. Now they want to file Form 8 on 31/12/2023.The penalty calculation is as follows

Delay in no of days 62 days from due date

Penalty is Rs 50*6 times = Rs 300

6. Required details for filing Statement of Account & Solvency (Form 8)

The following are the required details for filing Statement of Account & Solvency (Form 8)

  1. LLPIN, LLP Name and Address of the LLP
  2. Jurisdiction of Police Station for registered address
  3. Whether charge is modified in favor of Asset reconstruction company (ARC) or assignee
  4. Statement of Assets and Liabilities as on 31 st March and Statement of Income and Expenditure for the financial year.
  5. Whether Turnover exceeds Rs 40 lakhs and obligation of contribution exceeds Rs 25 lakhs or not

7. Certification in Statement of Account & Solvency (Form 8)

Form 8 needs to be certified by designated partners and professional (CA/CS/CWA)


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Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.