Dear Professionals
Applicability of Tax Audit
Name : Slum clearance Board, a Local Authority
The main object of the Board is providing subsidy to poor for building house.
Funds for the scheme was rceived from Government by way of Govt. Grants ( 24 Crores).
Other incomes are
1. interest on FD (Temporary deposit of Grants) - Rs. 1,.40 Crores
2. Rental Income - Rs. 24 Lacs
3. Sale of Tender form - Rs. 6 Lacs
My query is whether Tax audit u/s 44 AB is Applicable to this Local Authority?
Thanks in advance for your reply.
CAclubindia
