As per the LLP Amendment Act, 2021, answer each of the followings: Explain the concept of "Small Limited Liability Partnership" under section 2(t) (new clause).

As per the LLP Amendment Act, 2021, under section 2(ta) new clause is inserted: "small limited liability partnership" means a limited liability partnership- the contribution of which, does not exceed twenty-five lakh rupees or such higher amount, not exceeding five crore rupees, as may be prescribed; and the turnover of which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed forty lakh rupees or such higher amount, not exceeding fifty crore rupees, as may be prescribed; or which meets such other requirements as may be prescribed, and fulfils such terms and conditions as may be prescribed.