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LLP Audit · Panaji, Goa
Section 34 LLP audit for professional, trading, real estate and IT LLPs in Goa — turnover above Rs. 40 lakh or capital contribution above Rs. 25 lakh, certified and filed with Form 8 by 30 October.
Overview
The LLP structure is increasingly popular in Goa for professional service firms, trading businesses and technology companies. Unlike companies — where every registered entity must be audited regardless of turnover — LLPs have a conditional audit requirement under Section 34 of the LLP Act, 2008: audit is mandatory only if the LLP's turnover exceeds Rs. 40 lakh or its capital contribution exceeds Rs. 25 lakh. LLPs below both thresholds may choose not to get an audit, though a voluntary audit is advisable for LLPs with bank credit facilities or multiple unrelated partners. For LLPs above the threshold, the audit report is certified by the auditor and filed as part of Form 8 (Statement of Accounts and Solvency) on the MCA portal at mca.gov.in.
N D Savla & Associates in Panaji, Goa conducts LLP audits for professional LLPs (law, architecture, medical practice), trading LLPs, real estate LLPs and IT LLPs. Our LLP audit covers financial statement verification, partners' capital account reconciliation, profit-sharing compliance with the LLP Agreement, and — where turnover also crosses Rs. 1 crore — concurrent tax audit in Form 3CA and Form 3CD. For the tax audit requirements, see our Income Tax Audit guide. For the complete audit overview, see our Audit & Assurance Services hub.
The threshold
Either limit on its own triggers a mandatory audit — they do not both need to be crossed.
Check your threshold →Annual turnover above Rs. 40 lakh in the financial year — audit mandatory.
Total partners' capital contribution above Rs. 25 lakh at any point in the financial year — audit mandatory.
Either condition alone is sufficient. Both do not need to be met simultaneously.
LLPs below both thresholds can get audited voluntarily. Banks typically require audited accounts before sanctioning CC/OD facilities, even below the threshold.
Even where Section 34 does not apply, turnover above Rs. 1 crore triggers a separate tax audit under Section 44AB.
Comparison
| Feature | LLP audit (Section 34, LLP Act) | Company audit (Section 139, Companies Act) |
|---|---|---|
| Trigger | Turnover > Rs. 40 lakh OR capital contribution > Rs. 25 lakh | Mandatory for all companies regardless of turnover |
| Small / dormant entity exempt? | Yes — below both thresholds, audit is not required | No — even dormant companies must be audited |
| Audit report filed via | Auditor certifies Form 8 (Statement of Accounts) on MCA | Audit report to shareholders at AGM; Form AOC-4 on MCA |
| CARO 2020 applicability | Does not apply to LLPs | Applies to most companies above specified thresholds |
| Form 8 due date | 30 October (for March year-end LLPs) | Not applicable — companies file AOC-4 |
What's covered
Verification against the accounts, the LLP Agreement and the tax position.
Balance sheet and income and expenditure account, with compliance against the accounting standards issued by ICAI.
Opening balances, contributions, withdrawals and profit allocations per partner, cross-checked against LLP Agreement profit-sharing ratios.
Transactions between the LLP, its partners, relatives and associated entities — tested for arm's length pricing and disclosure.
Profit distribution, designated partner remuneration and financial arrangements checked for consistency with the LLP Agreement.
TDS on partner remuneration, GST reconciliation and advance tax computation.
Annual filing
Frequently asked questions
No mandatory audit — turnover (Rs. 30 lakh) and capital contribution (Rs. 20 lakh) are both below the Rs. 40 lakh and Rs. 25 lakh thresholds. A voluntary audit is advisable if the LLP has bank credit facilities, but it is not legally required. Tax audit under Section 44AB is also not required at these levels.
Audit is mandatory, since turnover exceeds Rs. 40 lakh. Form 8 with the auditor's report must be filed on mca.gov.in by 30 October for March year-end LLPs. Late filing carries a penalty of Rs. 100 per day.
No. The auditor must be an independent CA — not a partner, an employee, or anyone with a financial interest in the LLP. The same independence principles that apply to company statutory auditors apply to LLP auditors.
Form 8 is the Statement of Accounts and Solvency, due 30 October for March year-end LLPs, and carries the auditor's report where the LLP is above the audit threshold. Form 11 is the Annual Return covering the partner list, contributions and changes, due 30 May. Both are required for every LLP regardless of the audit threshold.
They are separate requirements. The LLP audit under Section 34 is triggered by turnover above Rs. 40 lakh or capital contribution above Rs. 25 lakh. A tax audit under Section 44AB is triggered where turnover exceeds Rs. 1 crore, and is reported in Form 3CA with Form 3CD. An LLP crossing both limits requires both — we conduct them together.
Related audit services
LLP audit under Section 34 — Form 8 with auditor certificate filed by 30 October. Book a free consultation with a qualified Chartered Accountant in Goa.