Tax audit limit for LLP
This query is : Resolved
Chandra Kala
(Querist)
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
Dhirajlal Rambhia
(Expert)
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.
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