SUPPOSE MR.X IS A PARTNER OF THE FIRM & HE TOOK INTEREST @ 12% OF RS.65.00 LACS WHETHER IS HE LIBLE FOR TAX AUDIT UNDER SECTION 44AB
C.A Tarun Shah (practice) (271 Points)
03 August 2011SUPPOSE MR.X IS A PARTNER OF THE FIRM & HE TOOK INTEREST @ 12% OF RS.65.00 LACS WHETHER IS HE LIBLE FOR TAX AUDIT UNDER SECTION 44AB
Ashok J
(CA Final)
(880 Points)
Replied 03 August 2011
Mr. X is not liable for tax audit for the interest income as long as he is not into any business or profession in his individual capacity,
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