Question ID :
39264
Taxability of LLP u/s 44AD
A LLP is having Turnover of Rs.35 lacs. The same is interested to show profit below 8% of the Turnover. Whereas provision of Sec 44AD are not applicable for LLP. Whether the LLP can do so. If not whether Tax Audit is compulsory even though Turnover is less than Rs.1 cr. and Profit showing less than 8% of the Turnover..
Posted by
AJAY JAIN
on
Jul 03, 2019
Filed Under
Profits & Gains of Business & Profession
No, Audit is not required.
Posted by
Ashish Gupta on
Jul 03, 2019
Answer ID :
78977
No. Even in case of LLP if turnover is less than Rs.1 Crore, tax audit is not applicable.
Posted by
CA. chunauti dholakia on
Jul 04, 2019
Answer ID :
78983
LLP cannot take benefit of section 44AD. Audit under section 44AB is not applicable since the turnover is less than the limit.
Posted by
CA PRADEEP C B on
Jul 05, 2019