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One-time Penalty Reduction & Prosecution Immunity for LLP

The Government has recently unveiled a scheme that provides prosecution immunity and reduces the penalty for late filing various LLP returns. 
Under this scheme, a LLP registered in India can file any overdue LLP return paying a maximum penalty of Rs.5000 per form before 13th June 2020. Persons availing relief under this scheme will also enjoy immunity from prosecution. Post the expiry of this scheme, the normal late filing penalty of Rs.100 per form per day will be applicable – leading to penalty in lakhs of rupees and prosecution by the Registrar for compliance lapses. 
The following forms can be filed under this scheme by payment of reduced penalty:

  • Form 3 – Changes to LLP Agreement
  • Form 4 – Changes to Partners
  • Form 8 or Form 11 – LLP Annual Returns

Author

Gayatri Dhote

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