Answer To Query
This query is : Resolved
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.
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
20 June 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Dep. as per companies act
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- CHECK RELATED
- SALARY CAN BE CAPITALIZE
- Tax rate change regarding
- FAST-DS Scheme - Foreign Assets
- GST Intimation due to Government took possession of Business Premises under PPE Act
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
