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The tax audit is mandatory for all the taxpayers under the requirements for tax audit stated in the Section 44AB of the Income Tax Act 1961. The business whose turnover is more than 1 crore in case of businesses and in case of professionals, Rs. 50 Lakh is required and mandatory for tax audit. In order to get the tax audit done, every taxpayer must appoint a Chartered Accountant to audit their accounts. In order to maintain the proper book of account, other revenue and expenditure records, a company must tax audit in a proper manner with the help of a professional. Such a case, when there is loss in business and the loss must be carry forward, the tax audit is necessary. In terms of businesses, if profits are less than 8% (6% on Digital transactions) of the turnover and in case of professionals, 50% of receipts then also tax audit is necessary.
All businesses, whether it is a private limited company or one-person company must tax audits irrespective of their annual turnover. The tax audit also ensures that there are no chances of fraud, if the total taxes and claims have been filed correctly and in a proper manner.
The LPP stands for Limited Liability Partnership it is a better version of a general partnership firm. It is governed by limited liability partnership act 2008.
Minimun 2 Partners are required to start a LPP. There are no limit on the mximum number of in a LPP.
Unilike a private ltd company no minimum capital required to start a LPP.
A legal proof of LPP is certificate incorporation as well as LPP agreement.
LPP agreement is similar to a partnership deed where all the rights, liabilities and share of profit and loss are mentioned/drafted.
Name allotment as desired by you is wholly a discretionary power of ROC. Normally ROC is allot your desired business name if it is unique and not resemblinding with any existing company/LPP.
Yes, DSC of an authorised director is required while in corporating an LPP.
Yes, Charted Help is an online platform serving all over india no matter wherever you are doing your business all you need is internet connection on your mobile or desktop and we are ready to get your done.
No, You don't need to be a physically present for the process.E-startupindia is an online catering platform all you need is internet connection in your phone/desktop and required document with and we can get the job done no matters even you are present at remotest location of the india.