My company is currently registered as "Proprietor" under my name. coming to the income tax related part, I am quarterly paying VAT taxes to my state government and in the end of the financial year submitting my income tax as normal individual logging profit earned from the company as "income earned by profession". How this will change when I register my company as LLP? what extra auditing works needs to be done? please explain in detail as I am planning to register my proprietor company as LLP now.
Thank you very much.
1 Answers
Hi,
Kindly go through this article - Click here..
Auditing of LLP firm is compulsory if Turnover is Rs.40 Lakhs or contribution is Rs. 25 Lakhs.
Do consult a Chartered Accountant before forming an LLP.
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