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Sankar Chakraborty (Querist)
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16 April 2013 Dear Experts,

please help me on the following query:

if an individual who has no proprietorship firm only he is a director of a pvt ltd co. and his income and assets are plenty. he is liable to get his accounts audited u/s 44ab ?

CA Vikas Acharya

CA Vikas Acharya (Expert)
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16 April 2013 if the individual do not have income from business or profession then audit is not required whatever other income he has because 'when there is income, there is source'
But the other incomes must be shown genuinely because audit is not the only way from where the department traces the income.
Also it would be better to check whether the person is liable under wealth tax or not, and if yes, is he filing the return and paying the tax.
Now coming to the point he is a director of a pvt ltd company. Doesn't matter its just that co. must get its account audited under different laws applicable.

Ravi Jhamb

Ravi Jhamb (Expert)
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16 April 2013 Individual account is audited if his income exceed 60 Lakh instead of 40 lakh u/s 44ab.

CA Vikas Acharya

CA Vikas Acharya (Expert)
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16 April 2013 Gone are the days for 40 and 60. Now its 1 crore for business and 25 lacs for profession from the FINANCE ACT 2012

Ravi Jhamb

Ravi Jhamb (Expert)
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16 April 2013 thanx for concern. time have been past i read in my time that limit

Sankar Chakraborty

Sankar Chakraborty (Querist)
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19 April 2013 Dear Experts,

the said individual has the following incomes
1 income from salary/director's remuneration
2 Income from House Property, (let out)
3. income from bank interest etc

he does not have any proprietory firm

should his income be audited ? if exceeds the limit of audit ?

please answer

CA Vikas Acharya

CA Vikas Acharya (Expert)
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19 April 2013 audit is required only in case of income from business or profession.
income from other heads not liable to audit.

reach me at :
cavikasacharya@gmail.com
facebook: viki_acharya@yahoo.com

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