A company which has only Rental Income in excess of Rs.60 Lakhs. It shows this income under the head of 'Income from House Property'. Is it liable for Tax Audit?
Menu
Tax audit in case of just rental income
Replies (7)
Tax audit is liable only for income from Bussiness or Profession not from House proprety income ( any other Heads of Income).
Sec 44AB comes under the head of Income from Bussiness Or Profession.
What does in Section 44AB made you suggest that?
The moot issue is if are having income from non operating business substantially more than normal operating income the AO might be inclined to treat the non operating income (here rentals) as buisness income. The need to justify that it does not form part of core income will be a difficult exercise it seems.
Section 44AB also speaks of gross receipts.
I am expecting other members to share their thoughts, please.
may i expect senior members to share their esteemed thoughts please
as specified by the query holder, the receipent is "comp[any" which is under mandatory audit, so no exemption for company for even no income.
Any further thoughts on this , Friends
Any further thoughts on this.
Recent Topic
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
Related Topics
CAclubindia
