Tax Audit of investment company

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hetal shah (Querist)
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03 September 2007 Is tax audit u/s 44AB of IT Act applied in case of investment company which is invloved in making investments in shares and securities for the purpose of dividend erning. If dividend income forms major part of its income from operation which exceed Rs.40L.

Pl. reply urgently.

Rgds,

Hetal Shah

CMA Gul S

CMA Gul S (Expert)
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03 September 2007 Every company with a total sales turnover or gross receipts over Rs40 L must have its accounts audited in accordance with the Income Tax Act.