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Statutory limit of tax audit for llp

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This query is : Resolved

RAKESH A PATEKAR (Querist)

15 July 2019 Sir/Madam,

I want to know whether the statutory limit of LLP have increased to 60 lakhs from Financial Year 2018-2019?

Regards,
Rakesh

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

31 May 2020 No. it is same for 2018-19

LLP required to get its books of accounts audited by practicing Chartered Accountant if its turnover crosses limit for FY 2019-20 under business is Rs. 1 Cr and in case of Professional Services sales Rs. 50 lac. Tax audit is statutory obligation its been conducted by Chartered Accountant to check all prevision of Law follow , if any tax liability pending etc. Tax Audit is examination of LLP books of accounts , other applicable tax compliance , checking depreciation calculation etc. Its proper presentation of financial statement to Government authorities.

Audit Section is 44 AB of Income Tax Act 1961
Appoint CA firm for Tax Audit
Due Date of Tax Audit Filing is 30 September
Due Date of Income Tax Filing 30 September
For Non Filing Penalty upto Rs.150000/-
Digital Signature is mandatory

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