LLP Settlement Scheme March 2020.

Government of Indian has introduced LLP settlement scheme 2020 for default LLP’s (who has not done any fillings due of their financials, annual return, LLP Agreement or change in partners).

LLP’s that wish to avail themselves of the scheme may file for the pending documents and e-forms and make good the defaults or file for closure followed by form 24.

Now there will be a onetime relaxation in the additional fee and penalties for the default LLPs to make good their default by filing the pending documents.

This scheme would permit LLPs to submit filings that were due till October 31 2019

The scheme would be applicable for submission for 4 types of forms

  1. Form 3 : Information with regard to limited liability partnership agreement and changes, if any, made therein
  2. Form 4: Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner. and consent to become a partner/designated partner
  3. Form 8: Statement of Account & Solvency
  4. Form 11: Annual Return of Limited Liability Partnership (LLP)

The highlights of the Scheme are as follows:

  • It is applicable for defaulting LLPs ( LLPs who has not done or has any pending filings)
  • Default made up to Oct. 31, 2019 (last form that can be filed)
  • Additional Fees Rs. 10 per day, Max. Rs. 5,000/- per doc./e-Form
  • No prosecution against such LLP's
  • Start date of Scheme - March 16, 2020
  • Scheme valid up to - June 13, 2020.

If you need more information or help with the Filings and closing the LLP reach out to us at Wazzeer or enquire@Wazzeer.com

Share