Statement of Accounts and Solvency (Form 8)

• Every LLP must file Form 8 annually, which includes a declaration of solvency and a statement of accounts
  
• It must be filed with the Registrar of Companies (RoC) by 30th October each year
  
• Applicable even if the LLP has no business activity during the financial year
  
• The form must be signed by designated partners and certified by a Chartered Accountant if an audit is required
  
• Delay in filing attracts a penalty of ₹100 per day without any upper limit
  

Annual Return (Form 11)

• Form 11 is the summary of partners and changes in partnership structure, if any
  
• It must be filed annually by 30th May, irrespective of turnover or business activity
  
• Details required include partner contributions, designated partners, and changes made during the year
  
• No requirement to attach financial statements with this form
  
• Non-compliance leads to daily penalties and restricted filing access
  

Income Tax Return (ITR-5)

• LLPs must file their Income Tax Return in Form ITR-5 with the Income Tax Department
  
• If the LLP is not under audit, the due date is 31st July
  
• If an audit is applicable, the due date extends to 31st October
  
• LLPs must also pay advance tax if the total tax liability exceeds ₹10,000 in a financial year
  
• Filing after the due date attracts late fees under Section 234F and interest penalties
  

Audit Requirements

• Audit under the LLP Act is mandatory if the turnover exceeds ₹40 lakhs or the capital contribution exceeds ₹25 lakhs
  
• Audited financial statements must be filed with Form 8
  
• Audit must be conducted by a practicing Chartered Accountant
  
• The audit ensures the accuracy of the books of account, financial position, and disclosures
  
• Auditors are appointed through a formal resolution by the partners
  

Maintenance of Statutory Records and Other Filings

• LLPs must maintain proper books of accounts, either on cash or accrual basis
  
• Maintain records of partner contributions, meetings, and compliance filings
  
• Any change in LLP name, address, or partners must be filed with the appropriate event-based forms
  
• LLPs must also update beneficial ownership details if applicable
  
• Timely filings preserve the LLP’s legal standing and credibility