if an individual who has no proprietorship firm only he is a director of a pvt ltd co. and his income and assets are plenty. he is liable to get his accounts audited u/s 44ab ?
16 April 2013
if the individual do not have income from business or profession then audit is not required whatever other income he has because 'when there is income, there is source' But the other incomes must be shown genuinely because audit is not the only way from where the department traces the income. Also it would be better to check whether the person is liable under wealth tax or not, and if yes, is he filing the return and paying the tax. Now coming to the point he is a director of a pvt ltd company. Doesn't matter its just that co. must get its account audited under different laws applicable.
the said individual has the following incomes 1 income from salary/director's remuneration 2 Income from House Property, (let out) 3. income from bank interest etc
he does not have any proprietory firm
should his income be audited ? if exceeds the limit of audit ?
CAclubindia
