Applicability of Tax Audit to LLP having turnover more than 1 cr

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

Replies (5)
Quick Summary
This discussion clarifies whether a Limited Liability Partnership (LLP) with a turnover exceeding 1 crore requires a tax audit under Section 44AB. The consensus is that if cash transactions are below 5% of the total turnover, the tax audit threshold is 10 crore, meaning a tax audit is not applicable solely based on turnover exceeding 1 crore. Only the standard LLP audit would be required in such cases.

Only LLP audit, no tax audit u/s. 44AB applicable.

Dear sir 

Can you tell me the reason why is it so?

Thanks 

Snehal 

As per sec. 44AB(a) the limit for tax audit is 10 Crs. when the cash transactions are below 5%.

Ok sir.thank you very much 

You are welcome.                    

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