LLP audit under LLP Act, 2008 and IT act, 1961

This discussion clarifies audit requirements for Limited Liability Partnerships (LLPs) under both the LLP Act, 2008 and the Income Tax Act, 1961. If your LLP's turnover exceeds ₹40 lakhs, an audit is mandatory under the LLP Act, and specific formats for the audit report and financial statements must be filed with the Registrar of Companies (ROC). Furthermore, if the turnover surpasses ₹1 crore, an audit is also compulsory under the Income Tax Act, regardless of whether the LLP reported a profit or loss. The discussion also confirms that Form 3CA is the correct form to file in such cases.