Applicability of 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, Please confirm whether I will be covered under 44AB(Tax audit) due to said investment ?
You are also requested to confirm, the applicability of other provisions, if any due to said investment.
Thanks,
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, Please confirm whether I will be covered under 44AB(Tax audit) due to said investment ?
You are also requested to confirm, the applicability of other provisions, if any due to said investment.
Thanks,
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
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
CAclubindia
