29 July 2016
My Client(Firm) has Other Sources income of Rs. 7,00,000 /- and loss from non-continuing business of Rs. 5,00,000/-. Is tax audit applicable as business is not being carried on but certain legal expenses, bank interest have to be claimed? Please suggest any case laws if any.
01 August 2016
turnover is NIL...so no tax audit.... creating FD out of business fund is not the KEY.....if FD was for trade of business is the key....(just tell me whether FD was shown under INVESTMENT or CURRENT ASSET.
CAclubindia
