Statutory limit of tax audit for llp
This query is : Resolved
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
I want to know whether the statutory limit of LLP have increased to 60 lakhs from Financial Year 2018-2019?
Regards,
Rakesh
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- ITC BENEFIT ON BROKRAGE PAID
- TDS refund Indemnity Bond
- DUE DATE FOR ITR FILING
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- GST ISD Query on various AMCs
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
