Is LLP liable for the tax audit?
Yes, an LLP is liable for a tax audit if its annual turnover exceeds ₹1 crore under Section 44AB of the Income Tax Act. However, if the LLP’s gross receipts from a business profession exceed ₹50 lakh, a tax audit is also mandatory. Additionally, LLPs with LLP registration in Bangalore, opting for presumptive taxation under Section 44ADA or 44AE must undergo tax audits if income is lower than the deemed profits and exceeds the basic exemption limit.