HELLO FRIENDS, WHEN THE LIMIT OF TAX AUDIT APPLICABLE TO FINANCE CO.
WHEN BOTH PRINCIPAL AND INTEREST AMOUNT EXCEEDS RS. 40,00,000 OR WE HAVE TO SEE ONLY INTEREST
1 Replies
Ashish
(CA)
(166 Points)
Replied 08 June 2010
Tax Audit is applicable when Gross Turnover or Income excessed secific limit.
Here in case of Finance Co Interest is income and Principal is means to earn such income. So, Interest Income should b consider for specific limit.
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