applicability of tax audit
This query is : Resolved
10 August 2010
If other income (interest on loan) is more than 40 lakhs, then whether tax audit would be applicable or not
10 August 2010
YES. Tax Audit will be Applicable.
10 August 2010
Yes... tax audit will apply
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.
10 August 2010
Mr. Agarwal's has explained well.
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