Finance Ministry offers amnesty to defaulting Limited Liability Partnerships

NEW DELHI: The finance ministry on Wednesday announced an amnesty scheme for Limited Liability Partnerships (LLPs) that will offer one-time settlement scheme for non-compliant LLPs, giving them one year more to submit their pending documents and immunity from prosecution for defaults.

According to a statement issued by the finance ministry, ‘LLP settlement Scheme 2020’ will remain open from 16 March till 13 June, 2020.

“A large number of LLPs have remained non-compliant. As part of the government’s constant efforts to promote ease of doing business, it has been decided to give a one-time relaxation in additional fee to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future,” the statement said.

A nominal additional fee of Rs 10 a day for the period of delay, in addition to any fee payable for filing of such document or return, needs to be paid.

 

Source: The New Indian Express