LLP -AUDIT REQUIREMENT

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This discussion clarifies the audit requirements for Limited Liability Partnerships (LLPs). An LLP needs an audit if its gross income exceeds £40,000, irrespective of whether certain income, like profit shares from a partnership, is tax-exempt. The audit requirement is governed by the LLP Act, not income tax exemptions.

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(Querist)
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.
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CA R SEETHARAMAN

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

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

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