Statutory Audit Applicable for Law Firms Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009. The audit must be conduct by a chartered accountant who registered with the Institute… Read More »
Statutory Audit for Law firm Performing a statutory audit for a law firm involves a systematic examination of its financial records, transactions, and processes to ensure compliance with applicable laws and regulations. Here’s a step-by-step guide on how to conduct a statutory audit for a law firm: 1. Understanding the Scope and Objectives: Define… Read More »
Statutory Audit Requirements for Law Firm Entities that are subject to statutory audit requirements for a law firm can vary based on jurisdiction and regulations. In general, statutory audit requirements often apply to entities that meet certain financial and operational thresholds. While I can’t provide an exhaustive list, I can give you a general… Read More »
Tax Audit Applicable for Law Firms Yes, tax audit is applicable for law firms if the turnover of the law firm exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit conducted by a chartered accountant who registered with the Institute… Read More »
Tax Audit Required for Law Firm Yes, Tax Audit required for Law Firm if its turnover exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit must conduct by a CA who is register with the Institute of Chartered Accountants of… Read More »
Meaning of LLP in law Meaning of LLP in law: In the realm of law, the acronym LLP denotes “Limited Liability Partnership.” An LLP represents a legal business structure that amalgamates aspects of a partnership and a corporation. It offers the advantage of limited liability protection to its partners. It is commonly used by… Read More »