44ab : tax audit

This query is : Resolved

Sonex (Querist)
Follow

15 August 2014 I am not engaged in any business.

I am filling ITR - 2 since last five years.

Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.

I am regularly filling my wealth Tax return.

The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.

Now, the said investment will covered under 44AB (Tax audit).

Kindly confirm,the applicability of other provisions, if any due to said investment.

Please guide me.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

15 August 2014 no. capital investments are not covered under 44AB limit. unless and until you have a business, audit is not required. continue to file ITR2

Message likes : 1 times

Sonex

Sonex (Querist)
Follow

15 August 2014 Many many Thanks.
Regards,
Shital

Upgrade to CAclubindia Pro. Subscribe Now!