Audit of a firm in let out transaction
This query is : Resolved
25 February 2012
An "A" is a firm earning through let out of property
# Turnover crossing the Rs. 60 L .P.A.
? Audit U/s 44A reqd ?
or Not reqd
A' is not into a construction business and showing the income from house property.
# Turnover crossing the Rs. 60 L .P.A.
? Audit U/s 44A reqd ?
or Not reqd
A' is not into a construction business and showing the income from house property.
25 February 2012
If the rental income received as BUSINESS INCOME , then the turnover limit of Rs.60 lakhs shall apply and you shall be liable to audit u/s 44AB. If the income is offered under house property then no audit shall be required.
25 February 2012
in your case if firm is engaged in construction of buildings or development of buildings but not maintance of buildings then audit u/s 44ab will not be applicable.
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