If any assesse donot have any income under head B/P, but has 80 lakhs as house rent reciepts & 25 lakh interest under head other income
Liable to tax audit?
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Tax audit applicability
Replies (3)
Not liable to tax audit. Tax audit covered u/s 44AB which is under the head Profits and gains from business and profession.
No. Tax audit is applicable only if assessee has income from business or profession.
I THINKS
FIGURE IS NOT BELEIVEABLE 80 LACK RENT AND 25 LACK INTEREST
BUT IF THIS FIGURE IS RIGHT , 44AB NOT APPLICABLE
BECAUSE YOUR INCOME FROM HOUSE PROPERTY AND OTHER SOURIES
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