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The lesson notes that the MCA has eased audit requirements for LLPs. An LLP must get its accounts audited only if it crosses either of two thresholds. What are those thresholds?
Answer & Solution
Correct answer: C.
1. The lesson lists the LLP compliance concessions granted by the MCA.
2. Audit becomes compulsory only if turnover exceeds Rs. 40 lakhs.
3. Audit also becomes compulsory if contribution exceeds Rs. 25 lakhs.
4. Below both thresholds, no statutory audit is required.
_Source: ICSI CS Executive Paper 3 (Setting up of Business Entities and Closure) — Lesson 1: Choice of Business Organisation, pp. 2-11._
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