Audit under Income Tax for LLP

This discussion explores whether an LLP with a turnover of approximately £60 lakh, operating at a loss, requires an audit under the Income Tax Act. While not always mandatory under the IT Act itself, LLP accounts must be audited as per Rule 24 of the LLP Rules 2009. It also delves into the tax implications for LLPs that issue shares via preference warrants, specifically concerning capital gains or income tax treatment upon the sale of these shares.