Filing E-Form 8 for LLPs on MCA V3 Portal

BEGINNER'S GUIDE TO FILING E-FORM 8 FOR LLPs: MCA V3 PORTAL

Pursuant to Section 34(3) of the LLP Act, 2008 and Rule 24 of Limited Liability Partnership Rules, 2009, every Limited Liability Partnership, both Indian & Foreign, are required to file a Statement of Accounts & Solvency (E-Form 8) with the Ministry of Corporate Affairs within the 30th of October of every financial year.

E-Form 8 states the financial details as on 31st of March of the immediately preceding financial year, declaring that the partners/authorized representatives have taken due care for the maintenance & preparation of adequate accounting records.

WHO IS ENTITLED TO CERTIFY?

In cases of turnover amounting upto Rs 40 Lakh & contribution upto Rs 25 lakh, the Form shall be certified by 2 designated partners and a practicing professional (CA/CS/CMA).

In the event of the turnover or contribution exceeding the stated limits, the Form shall require an additional certification from the Auditor of the LLP/FLLP.

FILING OF WEB BASED FORM 8

With the rolling out of the V3 Portal by the Ministry of Corporate Affairs, all LLP related filings are being processed through it. The E-Form 8, which was once a downloadable form has been converted to a web based one.

Presently, a business user on the V3 portal shall have to login & fill up the entire form and attach the requisite documents. Once filed, the form gets downloaded for the digital signatures to be affixed. Once uploaded, the form gets automatically approved in STP mode and hence, due care should be taken to furnish all correct particulars.

MANDATORY ATTACHMENTS

• Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 stating that no pending dues of interest or principal persist at the end of the accounting year.
• Statement of contingent liabilities, only if applicable.
• Any other optional attachments.

(Maximum size should not exceed 2 mb)

NORMAL FILING FEES: Sourced from the Limited Liability Partnership (Amendment) Rules, 2022

ADDITIONAL FEE IN CASE OF DELAY

(Small LLP refers to all those with contribution upto Rs 25 lakh & turnover upto Rs 40 lakh respectively)

COMMON FAQs

1. While filing FORM 8 through V3 Portal, is it mandatory to create a separate login for the LLP?

A: There is no such requirement and a professional (CA/CS/CMA) can easily file Form 8 for "n" number of LLPs through their login. However, the user has to be mandatorily registered as a business user.

2. Is filing of Form 8 mandatory even if the LLP has not commenced any business?

A: Form 8 is required to be mandatorily filed by the 31st October of every year irrespective of business being commenced.

3. If the LLP has been incorporated at the end of the previous financial year, will it be required to file FORM 8 this year?

A: For LLPs incorporated after the 1st of October, 2021, it has not been mandated for filing accounts w.r.t year ended 31 March, 2022. It is purely at the discretion of the LLP.

4. Are Foreign LLPs required to submit Form 8 as well?

A: Foreign LLPs (FLLP) shall have to compulsorily file E-Form 8 through their Authorized representatives, atleast 2. In place of DPIN, the Income Tax PAN shall be required to be entered. Validation shall be done through their Digital Signature certificates.

5. When is professional certification mandated in Form-8? What does it vouch for?

A: Professional certification is mandated when the turnover of the LLP/FLLP does not exceed Rs 40 Lakhs and partner’s obligation or contribution is upto Rs 25 Lakhs.

Certification can be made through a Practicing Chartered Accountant, Company Secretary or Cost Accountant and they shall vouch for:-

• Verification that all the particulars being entered w.r.t the records of the LLP/FLLP are true and correct;
• Verification that the financial information & all other attachments are true, correct and complete;
• All of the required attachment(s) have been completely attached to the form.

6. While downloading the E-form from V3 Portal for affixing DSC, the downloaded form shows that the "Charge creation" box has also been prefilled, irrespective of the fact that such radio button had not been pre-filled.

A: With the roll out of the V3 Portal by the MCA, numerous technical issues are being faced by the users- from validation errors to form download issues. One of such errors is the radio button automatically getting prefilled on "Creation of charge" even though such option had not been selected. In order to avoid further scrutiny on the same, ideally, a clarification letter by the Designated Partner/Professional certifying the form should be attached, mentioning that it has occurred purely due to a technical error.

With the due dates approaching in almost a week’s time & the incessant glitches on the V3 Portal, it is advisable for every professional to file E-Form 8 at the earliest, swearing by "the sooner, the better" motto.