LLP -AUDIT REQUIREMENT

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SUNIL KAMAT (Querist)
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21 September 2022 LLP is having share of profit from partnership firm of Rs.48,89,582/- and fixed share capital of Rs.1,00,000/- does audit is required ???? Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 September 2022 Audit is required as gross income exceed 40 lacs.

SUNIL KAMAT

SUNIL KAMAT (Querist)
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21 September 2022 Sir but Share of Profit from partnership firm is exempt from tax then will it be considered for gross receipts purpose ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 September 2022 The audit requirment is based on LLP Act income tax exemption is not relevant.

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