REGARDING INCOME TAX RETURN OF LLP

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This discussion clarifies whether a statutory or tax audit is compulsory for an LLP filing its income tax return after the due date, particularly when incurring a loss. While filing is compulsory under Section 139(1) regardless of profit or loss, a tax audit under Section 44AB is only required if the LLP's turnover exceeds prescribed limits. If you wish to carry forward losses, filing within the due date is essential.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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05 December 2023 WHETHER LLP HAS INCURRED LOSS THEN STATUTORY OR TAX AUDIT IS COMPULSORY IF INCOME TAX RETURN IS TO BE FILED AFTER DUE DATE?

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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06 December 2023 If you want to Carry Forward Loss under Income Tax then you should have filed the same within Due date and as per Income Tax Act Every LLP is liable to file Income Tax Return u/s 139(1),

Tax Audit is applicable only if Sec 44AB conditions are fulfilled i.e. Prescribed Turnover exceeds.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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07 December 2023 IF WE DO NOT WANT TO CARRY FORWARD LOSS THEN THERE IS ANY COMPULSION OF TAX OR STATUSTORY AUDIT IN CASE OF LOSSES?

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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07 December 2023 Return has to be filed u/s 139(1) whether you want to carry forward loss or no. Because there is no basic exemption limit in case of LLP.

And regarding Income Tax Audit you need to check provisions of 44AB as mentioned above

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