Rent from Immovable Property
This query is : Resolved
Mohd Sarfaraz Latibani
(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.
Thanks.
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.
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.
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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