Tax audit u/s 44ab
Querist : Anonymous
and under income tax if the its cross the limit then it required other wise not required.
and under income tax if the its cross the limit then it required other wise not required.
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
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