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Rent from Immovable Property

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(Querist)
15 December 2008 I am receiving a rental income of Rs.21 lacs P.A. A part from the above I don't have any source of Income I want to know do I need to get my accounts audited. What is the limit for audit in my case.

Thanks.
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Ravikumar.G

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Ravikumar.G (Expert)
15 December 2008 Income from Business or profession exceeds Rs.40L the auditors have to be appointed. In your case it is income from house property no need for appointing auditors irrespective of income you earned.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
15 December 2008 yes, no need to conduct tax audit. Tax audit is compulsory in case of Income from business & profession.
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K V Subba Rao

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K V Subba Rao (Expert)
15 December 2008 It is not statutorily required. But you are welcome to entrust audit work to any local CA in your town / city
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