Tax audit u/s 44ab

Sarika M (Credit Manager) (40 Points)

23 December 2016  
If a person is getting rental income of more of 2 crores from the properties owned by him. Is he responsible for tax audit ? . Under 44AB only gross receipts from business / profession covered. As per my view, its not taxable as this is not a business/ profession. Is this a loop whole in the law ?. Same person can be covered under tax audit U/s 44AB if he is doing the business of renting. But what exactly is the business of renting properties ?