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% ?
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LLP Audit Requirement
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44AB of the Income tax act will not apply. However, audit is required under rule 24 of LLP rules if t/o exceeds 40lakhs
It is under the rule 24 LLP IF THE TURNOVER IS BELOW 1 CRORE
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