44ab : tax audit
This query is : Resolved
15 August 2014
I am not engaged in any business.
I am filling ITR - 2 since last five years.
Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.
I am regularly filling my wealth Tax return.
The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.
Now, the said investment will covered under 44AB (Tax audit).
Kindly confirm,the applicability of other provisions, if any due to said investment.
Please guide me.
I am filling ITR - 2 since last five years.
Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.
I am regularly filling my wealth Tax return.
The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.
Now, the said investment will covered under 44AB (Tax audit).
Kindly confirm,the applicability of other provisions, if any due to said investment.
Please guide me.
Nikhil Kaushik
(Expert)
15 August 2014
no. capital investments are not covered under 44AB limit. unless and until you have a business, audit is not required. continue to file ITR2
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