The Ministry of Corporate Affairs in order to promote ease of doing business, through General Circular No. 08/2023 dated August 23 2023, has decided to grant a one-time relaxation in additional fees to the LLPs who could not file their forms within the due date and provide them an opportunity to update their filings and get their compliances done.
FORMS INCLUDED IN THIS SCHEME:
1. Form-3: Information pertaining to the LLP Agreement and any changes to it.
2. Form-4: Information pertaining to partners/designated partners including appointments, cessations and other changes.
3. Form-11: The Annual Return of the LLP.
SALIENT FEATURES OF THE SCHEME:
1. Streamlined Processing for Form-3 and Form-4: Form-3 and Form-4 will be processed under STP mode for all purposes except change in business activity.
2. Editing Facility for Stakeholders: At the time of filing these forms, the stakeholders will be given the facility to edit the pre-filled data.
3. Fee Waivers and Conditions: The filing of Form-3 and Form-4 without additional fee shall be applicable for the event dates 01.01.2021 and onwards. For events dated prior to 01.01.2021, these forms can be filed with 02 times and 04 times of normal filing fees as additional fees for small LLPs and Other than small LLPs respectively.
4. Provisions for Form-11: The filing of Form-11 without additional fee shall be applicable for the financial year 2021-22 onwards. Form-11 for previous years (prior to the financial year 2021-22) can be filed with 02 times and 04 times of normal filing fee as additional fees for small LLPs and Other than small LLPs
5. Scheme’s Timeframe: These forms shall be available for filing from 01.09.2023 onwards till 30.11.2023.
6. Penalty Waivers: The LLPs availing the scheme shall not be liable for delayed filing of any abovementioned forms.
Note: You must file these forms in sequential order, i.e., forms with earlier event dates should be filed first, followed by those with more recent event dates.
Conclusion: The MCA’s recent circular signifies a strategic move to support LLPs in their compliance journey. Such initiatives reinforce the government’s commitment to enhancing the business environment by reducing bureaucratic hurdles. LLPs should utilize this grace period judiciously and ensure that all their filings are accurate and up-to-date. For further insights and guidance, experts like the author of this piece, who heads SINGHANIA & ASSOCIATES based in Delhi, can provide invaluable assistance.
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DISCLAIMER:- This Blog is for the purposes of information / knowledge and shall not be treated as solicitation in any manner or for any other purposes whatsoever.
Feel free to contact the author for further clarification at 9953808432 or via mail at cssinghaniaandassociates@gmail.com. The author is the founder of SINGHANIA & ASSOCIATES (Practicing Company Secretaries Firm) based in Delhi.
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Amazing Share! Much needed