Tax audit u/s 44ab

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2014 If a company earns only interest on unsecured loan as its income and there is no sale, then is it liable for Tax audit u/s 44AB?

Rupesh Jain

Rupesh Jain (Expert)
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30 April 2014 audit under company ace is compulsory.
and under income tax if the its cross the limit then it required other wise not required.

Rupesh Jain

Rupesh Jain (Expert)
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30 April 2014 audit under company act is compulsory.
and under income tax if the its cross the limit then it required other wise not required.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 April 2014 there are two office views:

1. income on this loan is "income from other sources" and accordingly, tax audit is not applicable

2. for tax purposes, giving loan itself if the activity of the company and hence income should be offered to tax under "business/profession"

the substance of the transactions shall be the relevant factor here.

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2014 Thank you sir.

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