As we know LLP is out of 44AD, so where the turnover is below 1 cr , can profit ratio be below 8 or 6%? Will there be any audit requirement if profit goes below 8 or 6% ?
2 Replies
Anil Kumar Agarwala
(CA)
(67 Points)
Replied 18 June 2020
44AB of the Income tax act will not apply. However, audit is required under rule 24 of LLP rules if t/o exceeds 40lakhs
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 26 June 2020
It is under the rule 24 LLP IF THE TURNOVER IS BELOW 1 CRORE
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