LLP -AUDIT REQUIREMENT
This query is : Resolved
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.
21 September 2022
Audit is required as gross income exceed 40 lacs.
21 September 2022
Sir but Share of Profit from partnership firm is exempt from tax then will it be considered for gross receipts purpose ??
21 September 2022
The audit requirment is based on LLP Act income tax exemption is not relevant.
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