Is any Audit under Income Tax Act applicable to LLP having a turnover of around 60 lacs running into loss ?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177227 Points)
Replied 11 April 2023
Not mandatory under IT act.
The accounts of every LLP should be audited in accordance with Rule 24 of LLP, Rules 2009.
Seetharaman
(doctor)
(87 Points)
Replied 11 September 2024
Hi sir... A LLP has been alloted shares from the market via Pref Warrants. The LLP has been formed for this purpose. Want to know the capital gains/ Income tax implications upon the sale of those shares over a period of time. Will it be considered Capital Gains only or will it be taxed as Income Tax. What are the tax brackets.
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