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Audit under Income Tax for LLP

CS Vishal Mehta (Self Employed) (436 Points)

11 April 2023

Is any Audit under Income Tax Act applicable to LLP having a turnover of around 60 lacs running into loss ?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193721 Points)
Replied 11 April 2023

Not mandatory under IT act.

The accounts of every LLP should be audited in accordance with Rule 24 of LLP, Rules 2009.

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Seetharaman (doctor) (87 Points)
Replied 11 September 2024

Hi sir... A LLP has been alloted shares from the market via Pref Warrants. The LLP has been formed for this purpose. Want to know the capital gains/ Income tax implications upon the sale of those shares over a period of time. Will it be considered Capital Gains only or will it be taxed as Income Tax. What are the tax brackets.