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?

Aditya Agarwal

Aditya Agarwal (Expert)
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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.