44ab of it act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2012
If, a Individual has taken unsecured loans(Not related to Business) more than 1 crore in the financial year and his business income(i.e. interest on Loans in the Financial Year is 10 Lakhs only)
Is the Indivdual Liable under Tax Audit U/s 44AB of IT Act?
And Whether Loans Taken from other peoples are consider while calculating the gross receipts?
Is the Indivdual Liable under Tax Audit U/s 44AB of IT Act?
And Whether Loans Taken from other peoples are consider while calculating the gross receipts?
Aditya Agarwal
(Expert)
11 December 2012
For the A.Y 2012-13 Section 44AB is attracted when the sales/turnover exceeds 60 Lacs.
For the A.Y 2013-14 Section 44AB is attracted when the sales/turnover exceeds 60 Lacs.
Hence in your case it is N.A..
No loan taken wont b accounted for gross receipts.
For the A.Y 2013-14 Section 44AB is attracted when the sales/turnover exceeds 60 Lacs.
Hence in your case it is N.A..
No loan taken wont b accounted for gross receipts.
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