Hi,
A firm is having Income from House property over Rs.45 lakhs in AY 2010-11.
Business Turnover is Rs. 10 Lakhs and Income from other sources (Interest etc) is Rs. 2 Lakhs.
Will the firm need to be Audited or No?
Business receipts and turnover is not over Rs. 40 Lakhs / Rs. 10 Lakhs but income from House Property is...
So will we need to Audit the books of accounts of the firm and file IT Return by 30th Sept or file IT Return by 31st July without Audit?
in my opinion there is no need of tax audit
income from houseproprty is not turnover
Please see this link. it is from incometax website. It says ... from business... am confused...
The total sales, turnover or gross receipts of business and/or profession are liable to tax audit.
In your case it is not liable to tax audit.
yup....
There is no need for tax audit...
Becasue section 28 to section 44 covers income from business and profession only... So grosss receipts or turnover would be mean only for the business income...
Otherwise one can say my salary income is making my gross income to 60 lacs then please do my tax audit..... hehehe
I agree with kishan,
Suppose if selling house is his buisness (he is builder/investor) than we can say that turnover is exceed the said limit.
But it is not so.....
So no tax audit.
NO NEED OF TAX AUDIT AS PER OUR KNOWLEDGE , INCOME FROM HOUSE PROPERTY IS NOT A BUSINESS INCOME IN YOUR CASE, TAX AUDIT IS APPLICABLE IF THERE IS GROSS BUSINESS RECEIPTS IS ABOVE THE LIMIT.
Dear Rajesh,
Sec. 44AB says about gross receipts of business and/or profession so if the assessee is not doing business of renting the house then the income from house property is outside the scope of Tax Audit
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