Answer To Query

This query is : Resolved

CA Nitin Wadhwani (Querist)
Follow

27 August 2008 author : Anil Kumar Kedia

Posted On : 8/27/2008 11:01:51 PM

My question is that one person or firm is income form interest that is upto Rs. 10-15 lacs then what tax adudit provision will be applicable for the person means turnover limit. please advise.Thanks.

If Interest Income is Above 40 Lacs Tax Audit Is Applicable.

RAJAN GUPTA

RAJAN GUPTA (Expert)
Follow

28 August 2008 If person is in the main business of lending or we can is a money lender then the interest received will be treated as turnover for section 44AB but if it has been treated as Interest on Investment and being treated under Income from other source then it is not covered under 44AB at all as the section does not cover cases of Income from other sources

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

20 June 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MAYANK

Vivekanand Sagar

nilesh

yadagiri

Mohit Kumar

Subscribe Now

Answer To Query

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA