LLP and less than 8% profit
This query is : Resolved
06 November 2017
since LLP Limited liabity partnership is not eligible to to opt for section 44AD, can we declare profit below 8% after claiming deduction of eligible partners remmuneration with proper maintenance of book of account ? is there any need for tax audit
06 November 2017
Audit is required for LLP if the Gross Reciepts exceeds 40 Lakhs during the previous year or total contribution (Capital) exceeds 25 Lakhs at any time during the previous year.
07 November 2017
since the question is from tax audit perspective, the answer is no. there is no need for tax audit as long the turnover doesn't cross the limits prescribed under 44AB
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07 November 2017
The tax audit is required if the turnover / receipt exceeds Rs 1 Cr for business entities and Rs 50 for professional entities.
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