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applicability of tax audit

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(Querist)
10 August 2010 If other income (interest on loan) is more than 40 lakhs, then whether tax audit would be applicable or not
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
10 August 2010 YES. Tax Audit will be Applicable.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
10 August 2010 Yes... tax audit will apply
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
10 August 2010 As per Section 44AB tax audit will apply when income from business or profession is more than 60L or 15L as the case may be. If interest on loan is earned by utilizing the funds of the business then tax audit will be applicable. However, if interest on loan is earned by the funds which are not related to business then tax audit will not be applicable.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
10 August 2010 Mr. Agarwal's has explained well.
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