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Shashank Porwal   19 June 2021

Where person earning rental income from house property above Rs 2 cr liable for audit?

Whether person(Pvt company)earning rental income from house property (tech park) above Rs 2 crore is liable for filing audit report??


 5 Replies

Sourav

Sourav (Student)     20 June 2021

Yes tax audit is applicable
Ankit Neema

Ankit Neema   20 June 2021

Are you showing it as a business income
Shashank Porwal

Shashank Porwal   20 June 2021

No just income from house property
CA Prathik Lenin

CA Prathik Lenin (CA in practice)     20 June 2021

Tax Audit provisions are covered under section 44AB of the income tax act.  As per the provisions if your turnover exceeds Rs 1 crore limit you will be liable for tax audit. 

However, In Budget 2021, Finance Minister Nirmala Sitharaman proposed to offer major relief for companies that transact digitally. Thus, to incentivise non-cash digital transactions and to reduce the burden of compliance of small and medium enterprises, the government has now increased the threshold limit from 5 crore to 10 crore. 

Thus if your total receipts and payments in cash does not exceed 5% then you can claim the higher limit of 5 crores for the financial year 20-21 and 10 crores for financial year 21-22.

Sourav

Sourav (Student)     20 June 2021

Then tax audit might not be required

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