Urgent query

if its revenue from operations exceeds Rs. 1 Cr then tax audit be pe applicable , otherwise not.. and he can file ITR 4.

Dear Rahul,

 Section 44AB states that every person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees.

He needs to file ITR 4.

I would like to know the tax implication in following case: Case 1 : I am in receipt of Rs 10 Lakh from overseas in my saving account as a business loan. Please let me know how can i utilize this fund as my working capital for starting a new business? Case 2: Recieve money as a gift from my father’s sister residing in foreign country, will it be required to show any document for transfer?