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Tax audit required

sampath (student) (119 Points)

16 August 2018

For LLP ...gross turnover below 1 cr...is Tax audit applicable?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (196196 Points)
Replied 16 August 2018

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

Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited. However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule.

Tax audit u/s. 44AB of IT act, 1961 .... not applicable.

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