Tax audit of a firm earning of interest income
This query is : Resolved
27 August 2008
My question is that one person or firm is income form interest that is upto Rs. 10-15 lacs then what tax adudit provision will be applicable for the person means turnover limit. please advise.Thanks
28 August 2008
No. It is not a receipt from business. It comes under the scope of the head of Income from Other Sources. It is the sale, Turnover oer Gross Receipt from Business or Profession which if earned is subjected to Tax Audit if the limits specified are achieved.
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