LLP Settlement Scheme 2020
ONE TIME OPPORTUNITY TO FILE FORM OF DEFAULTING LLP
The LLP Settlement Scheme 2020 is a new to give relief to all those defaulting LLP which have defaulted in filling FORM 3 LLP and also not filling of various annual filling forms such as FORM 4, 11, and 8. This is a one time opportunity for defaulting LLP to remove all their pendency’s at normal cost.
· Effective Date
The LLP Settlement Scheme shall come into effect from 1st April, 2020 and shall remain available for the stakeholders until 30th September, 2020.
· Applicability
The Scheme is applicable to all defaulting LLP for the forms which were due for filing until 31st August 2020. In simple words, it is available for filing Form 11 and Form 8 for the financial years up to 2019-20. Scheme shall not be applicable to LLP’s which have made applications in Form 24 to the Registrar, for striking off the name from the registrars.
· Benefit
The additional fee has been reduced from Rs. 100 per day to Rs 10 per day for the delay in filing the forms and it has been further provided that the additional fee shall not be more than Rs. 5000 in any case.
· Immunity from Prosecution
The defaulter LLP and its partners are liable for criminal prosecution for non-filing of required forms and returns under the LLP Act, However, if the defaulting LLP files all the pending returns before 13 th June 2020, they shall be entitled to immunity from prosecution in respect of the documents or forms they file under this scheme.
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