LLP and less than 8% profit

This query is : Resolved

Priyanka (Querist)
Follow

06 November 2017 since LLP Limited liabity partnership is not eligible to to opt for section 44AD, can we declare profit below 8% after claiming deduction of eligible partners remmuneration with proper maintenance of book of account ? is there any need for tax audit

Sumeet

Sumeet (Expert)
Follow

06 November 2017 Audit is required for LLP if the Gross Reciepts exceeds 40 Lakhs during the previous year or total contribution (Capital) exceeds 25 Lakhs at any time during the previous year.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

07 November 2017 since the question is from tax audit perspective, the answer is no. there is no need for tax audit as long the turnover doesn't cross the limits prescribed under 44AB

Message likes : 2 times

Rajesh Dua

Rajesh Dua (Expert)
Follow

07 November 2017 The tax audit is required if the turnover / receipt exceeds Rs 1 Cr for business entities and Rs 50 for professional entities.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Bijo scaria

rana andcompany

sathiyaram

Vinod Dharwarkar

svgovindaraju

Subscribe Now

LLP and less than 8% profit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

GST CONSULTANT

Accountant

Article Assistant

CA Final

Manager- Finance and Compliance