Answer To Query
This query is : Resolved
CA Nitin Wadhwani
(Querist)
27 August 2008
author : Anil Kumar Kedia
Posted On : 8/27/2008 11:01:51 PM
My question is that one person or firm is income form interest that is upto Rs. 10-15 lacs then what tax adudit provision will be applicable for the person means turnover limit. please advise.Thanks.
If Interest Income is Above 40 Lacs Tax Audit Is Applicable.
Posted On : 8/27/2008 11:01:51 PM
My question is that one person or firm is income form interest that is upto Rs. 10-15 lacs then what tax adudit provision will be applicable for the person means turnover limit. please advise.Thanks.
If Interest Income is Above 40 Lacs Tax Audit Is Applicable.
RAJAN GUPTA
(Expert)
28 August 2008
If person is in the main business of lending or we can is a money lender then the interest received will be treated as turnover for section 44AB but if it has been treated as Interest on Investment and being treated under Income from other source then it is not covered under 44AB at all as the section does not cover cases of Income from other sources
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