44ab applicability
Hira Kan
(Querist) 15 August 2014
This query is : Resolved
I am not engaged in any business.
I am filling ITR - 2 since last five years.
Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.
I am regularly filling my wealth Tax return.
The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.
Now, Please confirm whether I will be covered under 44AB(Tax audit) due to said investment ?
You are also requested to confirm, the applicability of other provisions, if any due to said investment.
Thanks,
ajay sethi
(Expert) 15 August 2014
your CA can guide you in this regard
Anirudh
(Expert) 15 August 2014
Section 44AB is applicable only to those persons who are carrying business or profession.
If you are not engaged in any business or profession, then Section 44AB will not be applicable in your case.
R.K Nanda
(Expert) 15 August 2014
consult tax lawyer.
T. Kalaiselvan, Advocate
(Expert) 21 August 2014
Better you consult your auditor who regularly files your ITR and on whose advise you make further investments.
