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A 'small LLP' under Section 2(1)(ta) is one whose contribution does not exceed Rs 25 lakh (up to a prescribed Rs 5 crore) and whose turnover does not exceed:
ARs 1 crore fixed
BRs 100 crore
CRs 40 lakh (up to a prescribed Rs 50 crore)
DRs 10 lakh
Answer & Solution
Correct answer: C. Rs 40 lakh (up to a prescribed Rs 50 crore)
A small LLP must have contribution within Rs 25 lakh (prescribable up to Rs 5 crore) and turnover within Rs 40 lakh (prescribable up to Rs 50 crore).
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