Go AD-FREE with CAclubindia PRO. Use Code: CADAY10. Subscribe Now!

Tax audit applicability

Ryan Lasrado (CEO) (96 Points)

18 September 2012

Dear Friends,

We have been recently appointed Statutory Auditor of a Company under Liquidation. There is no income from Business.It however has Income from Other Sources i.e. Interest on Fixed Deposits. The same amounts to about 1.5 Cr. The previous Auditors were filing a Tax Audit Report u/s 44AB. Is it applicable???

Reply
Follow
Share

7 Replies

Ashok J (CA Final) (880 Points)
Replied 19 September 2012

If the company's main operating activity is anything other than earning interest, 44AB not applicable....else liable for tax audit........

CA C.JANANI (partner) (270 Points)
Replied 19 September 2012

Tax audit not applicable since they do not have any other main stream business activity.

CA Prabitra Borkakoti (CA Practice ) (40 Points)
Replied 24 September 2012

Dear members...

Is any ICAI recognised XBRL Software avaliable with latest taxnomy and good support?

Please share useful resource. I need to e-file.

Regards,

Vinayak Gupta (Accountant) (67 Points)
Replied 28 September 2012

Prabitra ji, Yes there is many paid xbrl service avaliable for your purpose, as i can see in search engine some of major name i.e exbace, altova, corefiling, datatracks etc. i hope support from all these brand will surly help us.

But I find that there is also free download provided on ICAI website.