Tax audit limit- urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 January 2013
What is the tax audit limit for an individual with only rental income (house prop.)?
Plz help! Thanx in advance! :)
Plz help! Thanx in advance! :)
16 January 2013
It has to be 1 crore for FY 2012-13 as it will not be considered as a professional income.
16 January 2013
No need for tax audit if you are only having income from house property.
tax audit provisions apply only where the gross receipts from business exceed rs. 1 crore or from profession exceed Rs. 25 lakh rupees
tax audit provisions apply only where the gross receipts from business exceed rs. 1 crore or from profession exceed Rs. 25 lakh rupees
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