what audit includes??????

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 if an assessee has following details..

turnover during the year 75 lakhs(proprietorsip firm)

income from of house property 240000p.a

i know that the assessee is liable to get his accounts audited but pls let me know that his audit will also include income from house property or only income from business???

C.A.Javid Patel

C.A.Javid Patel (Expert)
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21 February 2011 It includes only income from business. Though the chartered accountatnt will check your house property income also to file the return.

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 it means that there will be no disclosure of income from house property in audit report?????????

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C.A.Javid Patel

C.A.Javid Patel (Expert)
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21 February 2011 No there is no disclosure of income of house property in report. However if loan is taken for same house and cliaming repayment in 80C it will come.