Statutory Audit compliance

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Chaitanyaa (Querist)
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19 October 2021 Whether Statutory audit is compulsory for companies only or other entities like partnership/proprietorship etc. Please guide?/

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 October 2021 Individual/HUF/Partnership Firm: No Statutory Audit Applicable.
LLP: Statutory Audit is Applicable only if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 lakhs
Private Limited Company/Public Limited Company: Mandatory irrespective of Turnover, Profit, etc.

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