Will tax audit be required?

Hi Parshwa,

Income from factory rent will be taxed under the hear 'house property income'.

Hence, tax audit will not be applicable.

Regards,

Devanand

Dear Shah

you have asked two questions

1. there is no tax audit applicable on you.

2. total receipts may include rent of machinery as welll as rent  of building SO

IF these two are seprable than machine rent is taxable under head other source and building rent is taxable under HP 

IF these two are inseprable than taxable under other source of income.

Great explanation by Tax Pandit.

tax audit is not applicable on the assessee. and rest is very finely described by tax pandit.