If any assesse donot have any income under head B/P, but has 80 lakhs as house rent reciepts & 25 lakh interest under head other income
Liable to tax audit?
3 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 26 September 2016
Not liable to tax audit. Tax audit covered u/s 44AB which is under the head Profits and gains from business and profession.
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 27 September 2016
No. Tax audit is applicable only if assessee has income from business or profession.
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 27 September 2016
I THINKS
FIGURE IS NOT BELEIVEABLE 80 LACK RENT AND 25 LACK INTEREST
BUT IF THIS FIGURE IS RIGHT , 44AB NOT APPLICABLE
BECAUSE YOUR INCOME FROM HOUSE PROPERTY AND OTHER SOURIES
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