It has been notified by the Ministry of Corporate Affairs (MCA) that the relaxation in the additional fees on delay in filing form 11 by LLPs till the end of this month.
What is form 11?
The LLP form 11 is the Annual Return of the Limited Liability Partnership. THis return is filed mandatorily every year online with the Ministry of Corporate Affairs under the LLP Act 2008 within 60 days of the financial year ends, i.e. by 31st May every year, to maintain compliance and avoid penalty.
Even if the LLP is not active, still it is necessary for them to file form 11, and non filing shall attract a penalty of INR 100 per day. Moreover, there is no cap on the maximum penalty, so it keep on increasing with every passing day.
It is important to note that one has to be very careful while filing the form 11 annual return, as there is no provision for the resubmission.
What relaxation has the Ministry issued?
The last date of filing the Form 11 annual compliance was 31sy may 2022, and the MCA in the view of transition from second version of MCA-21 to third version and to promote compliance on the part of LLPs, it provided a relaxation till 30th June 2022 allowing the LLPs to file the form 11 annual return for the financial year 2021-22.