parshwa shah (na) (45 Points)
14 May 2014
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 14 May 2014
Hi Parshwa,
Income from factory rent will be taxed under the hear 'house property income'.
Hence, tax audit will not be applicable.
Regards,
Devanand
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 15 May 2014
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.
Dipendra Prasad Poudel
(Article Assistant ( Internal Audit) )
(578 Points)
Replied 15 May 2014
Great explanation by Tax Pandit.
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(616 Points)
Replied 16 May 2014
tax audit is not applicable on the assessee. and rest is very finely described by tax pandit.
CAclubindia
