Dear All,
LLP having turnover of more than 1 cr,Whether tax audit will be applicable or not?there are no cash transactions done during the year.
Only LLP audit will be applicable or tax audit also applicable?
Thanks
Snehal
CA Snehal Pratik Doshi (CA IN PRACTICE) (17 Points)
21 August 2024Dear All,
LLP having turnover of more than 1 cr,Whether tax audit will be applicable or not?there are no cash transactions done during the year.
Only LLP audit will be applicable or tax audit also applicable?
Thanks
Snehal
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177695 Points)
Replied 22 August 2024
Only LLP audit, no tax audit u/s. 44AB applicable.
CA Snehal Pratik Doshi
(CA IN PRACTICE)
(17 Points)
Replied 22 August 2024
Dear sir
Can you tell me the reason why is it so?
Thanks
Snehal
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177695 Points)
Replied 22 August 2024
As per sec. 44AB(a) the limit for tax audit is 10 Crs. when the cash transactions are below 5%.
CA Snehal Pratik Doshi
(CA IN PRACTICE)
(17 Points)
Replied 22 August 2024
Ok sir.thank you very much