FRIENDS PLZ LET ME KNOW WHETHER TAX AUDIT U/S 44AB IS APPLICABLE OR NOT TO A PRIVATE LIMITED COMPANY IN THE FOLLOWING CONDITION;-------
a) INCOME FROM INTEREST 5LAC
b) SHARE OF PROFIT FROM AOP100 LAC
PLZ ENLIGHTENME ON THE SUBJECT .
THANKS
SANJU
3 Replies
Sunshine
(Helping All)
(10575 Points)
Replied 03 December 2010
tax audit is compulsory for a company....be it private or public
Priyank
(Learner)
(98 Points)
Replied 05 December 2010
Tax Audit u/s 44AB is applicable only if PGBP is > 40(or 60) Lakhs.
But Statutory Audit under the Companies Act, 1956 is necessary.
In your case, Share of profit from AOP shall be counted in PGBP for calculating threshhold limit.
Interest income will not be counted in calculating above threshhold limit, if it is established as an investment income & not the income incidental to business activities.
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