
Dear Professional Seniors & Friends,
Warm Greeting!
Here is the Next post of #MCQ on concept based practical professional knowledge on #Audit of LLP under various Acts in a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 75.1: ABC and CO LLP, a firm of Professionals has capital of Rs 20 lakhs and turnover of Rs 45 Lakhs during the year 2017-18? Which among the following is correct in relation to audit of LLP?
A) Audit of LLP is required in both LLP and Income Tax Act.
B) Audit under LLP act is required but audit under Income Tax is not required.
C) Audit is not required under both Acts.
D) None of the above.
MCQ 75.2: What if in the above question turnover is Rs 30 Lakhs?
A) Audit of LLP is required in both LLP and Income Tax Act.
B) Audit under LLP act is required but audit under Income Tax is not required.
C) Audit is not required under both Acts.
D) None of the above.
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Greetings!
This post of MCQ is on provisions relating to audit under various acts.
Answer to MCQ 75.1: C) Audit is not required under both Acts.
Answer to MCQ 75.2: C) Audit is not required under both Acts.
Practical Analysis for MCQ 75.1& 75.2:-
Organisation | Companies | LLP’s | Partnership Firms of Individuals |
Law | Companies Act | LLP Act | Partnership Act |
Audit | Mandatory in all cases | Mandatory if Turnover exceeds Rs 40 Lakhs and Contributions exceeds Rs 25 Lakhs | Not required |
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321 WhatsApp:8799772245
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
Webpage: http://www.casanjay.me/
Facebook: https://www.facebook.com/CA.Sanjay.K.Agrawal/
Linkedin: https://www.linkedin.com/in/ca-sanjay-kumar-agrawal/
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