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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.
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There is a new concept of small LLP introduced by LLP (Amendment) Act, 2021. Small Limited Liability partnership means a LLP
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.
Every form which is filed with ROC will have Govt fee. The Government fee is as follows
| S.No | Contribution Amount | Fee Applicable |
|---|---|---|
| 1 | Up to Rs 1,00,000 | 50 |
| 2 | More than Rs 1,00,000 up to Rs 5,00,000 | 100 |
| 3 | More than Rs 5,00,000 up to Rs 10,00,000 | 150 |
| 4 | More than Rs 10,00,000 up to Rs 25,00,000 | 200 |
| 5 | More than Rs 25,00,000 up to Rs 1,00,00,000 | 400 |
| 6 | More than Rs 1,00,00,000 | 600 |
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.No | Period of delay | Additional fee payable for Small LLPs (INR) | Additional fee payable for Other than Small LLPs (INR) |
|---|---|---|---|
| 1 | Up to 15 days | 1 times of normal filing fees | 1 times of normal filing fees |
| 2 | More than 15 days and up to 30 days | 2 times of normal filing fees | 4 times of normal filing fees |
| 3 | More than 30 days and upto 60 days | 4 times of normal filing fees | 8 times of normal filing fees |
| 4 | More than 60 days and upto 90 days | 6 times of normal filing fees | 12 times of normal filing fees |
| 5 | More than 90 days and upto 180 days | 10 times of normal filing fees | 20 times of normal filing fees |
| 6 | More than 180 days and upto 360 days | 15 times of normal filing fees | 30 times of normal filing fees |
| 7 | Beyond 360 days | 15 times of normal filing fees plus Rs.10 per day for everyday delay beyond 360 days | 30 times of normal filing fees plus Rs.20 per day foreveryday delay beyond 360 days |
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
The following are the required details for filing Statement of Account & Solvency (Form 8)
Form 8 needs to be certified by designated partners and professional (CA/CS/CWA)
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.
