As we know LLP is out of 44AD, so where the turnover is below 1 cr , can profit ratio be below 8 or 6%? Will there be any audit requirement if profit goes below 8 or 6% ?
Ankita Agarwal (Student CA Final ) (52 Points)
18 June 2020As we know LLP is out of 44AD, so where the turnover is below 1 cr , can profit ratio be below 8 or 6%? Will there be any audit requirement if profit goes below 8 or 6% ?
Anil Kumar Agarwala
(CA)
(67 Points)
Replied 18 June 2020
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 26 June 2020
It is under the rule 24 LLP IF THE TURNOVER IS BELOW 1 CRORE
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