AUDIT OF LLP FOR FY 2018-2019

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This discussion clarifies the audit requirements for Limited Liability Partnerships (LLPs) under the Income Tax Act, 1961, for the financial year 2018-2019. An audit is mandatory if the business turnover exceeds ₹1 crore or professional turnover exceeds ₹50 lakhs. Even with a turnover below these thresholds, the LLP must still file an income tax return using ITR-5 by 30th September of the assessment year.

saurabh jain

saurabh jain (Querist)
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30 March 2020 ONE LLP HAS A RECEIPTS OF RS 210000.00 AND LOSS OF RS964.00,CAPITAL OF RS100000.00.
IS AUDIT REQUITED AS PER INCOME TAX FOR THIS LLP.

Aashok Kumar Sharma

Aashok Kumar Sharma

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25 May 2020 Audit as per Income Tax Act, 1961– LLP audit is mandatory where the turnover exceeds ₹1 crore in case of business while ₹50 lakhs in case of profession. In this case, LLP is required to file income tax return in ITR-5 on or before 30th September of the assessment year.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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