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Will tax audit be required?
1 client has a factory and till previous year we used to do Tax Audit....but now he has given that factory on rent....so will we have to do Tax Audit for him this year? Will this rent fall under PGBP or Income from Other Sources?
Replies (4)
Hi Parshwa,
Income from factory rent will be taxed under the hear 'house property income'.
Hence, tax audit will not be applicable.
Regards,
Devanand
Dear Shah
you have asked two questions
1. there is no tax audit applicable on you.
2. total receipts may include rent of machinery as welll as rent of building SO
IF these two are seprable than machine rent is taxable under head other source and building rent is taxable under HP
IF these two are inseprable than taxable under other source of income.
Great explanation by Tax Pandit.
tax audit is not applicable on the assessee. and rest is very finely described by tax pandit.
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