Tax audit limit for LLP
This query is : Resolved
19 November 2024
Is tax audit necesarry if the business income is less than 1crore but capital gain is more than 10 crore for LLP
19 November 2024
No. A tax audit is necessary only if the business income (turnover or gross receipts) exceeds ₹1 crore. Capital gains, regardless of being more than ₹10 crore, do not automatically trigger a tax audit unless they are part of a business activity.
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
- ITR -1 Filing
- TWO FIRM NAME IN ONE GST NUMBER
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Section 54 f disallowed will be taxed at what rate
- Share in property
- Long term capital gain exemption on sale of mutual funds
- Trust 10AB form required for old asst. years?
- Transfer of rectification rights to ao
- TDS whether applicable or not in case of Flat purchase
- SEA GOING ALLOWANCE
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
- Fees amount transfer procedure for two doctors
- Notice u/s 148 of IT Act
- Gst1A within time, will the customer get corrected ITC set off?
- Credit note for cycle round
- Does Sharing a common place of work against rent comes under Related party Transactions
- FEMA MONEY REPARTIATE
Trending Online Classes
CAclubindia
