44ad and 44ab applicability
This query is : Resolved
29 July 2016
My Client(Firm) has Other Sources income of Rs. 7,00,000 /- and loss from non-continuing business of Rs. 5,00,000/-.
Is tax audit applicable as business is not being carried on but certain legal expenses, bank interest have to be claimed?
Please suggest any case laws if any.
Is tax audit applicable as business is not being carried on but certain legal expenses, bank interest have to be claimed?
Please suggest any case laws if any.
29 July 2016
what is the turnover? if it is above 1 crore, then tax audit is applicable.
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29 July 2016
Turnover is NIL(as there is no business activity during the year).
Further can interest earned on FD be shown as business income as ultimately such FD was created from business funds only?
Further can interest earned on FD be shown as business income as ultimately such FD was created from business funds only?
01 August 2016
turnover is NIL...so no tax audit....
creating FD out of business fund is not the KEY.....if FD was for trade of business is the key....(just tell me whether FD was shown under INVESTMENT or CURRENT ASSET.
creating FD out of business fund is not the KEY.....if FD was for trade of business is the key....(just tell me whether FD was shown under INVESTMENT or CURRENT ASSET.
01 August 2016
FD is shown as investment in books
01 August 2016
it is income from other sources.
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