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
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