WHETHER TO FILE TAX AUDIT

[S.C. WADHWA]

31	A Pvt. Ltd. Co. in India purchased 5000 shares @ Euro 1 Each
	of company in Europe. It also gave loan of ₹ 10 Crores to it.
	The turnover of company is not covered by Section
	44AB during financial year 2013-14.
	Query is
1	Whether company is required to get tax audit.
2	If yes, while filling the form, which clause has to be selected.

[DR.MARIAPPAN GOVINDARAJAN]

I hope that you would have got clarified in the above issue. If not please inform.

AI Summary

Indian Company Queries Tax Audit Requirement for Share Purchase and Loan, Exempt from Section 44AB for 2013-14. A private limited company in India purchased 5,000 shares at one Euro each from a European company and provided it with a loan of 10 crores. The company's turnover for the financial year 2013-14 does not fall under Section 44AB. The query raised concerns whether the company is required to undergo a tax audit and, if so, which clause should be selected when filing the form. The response indicated that clarification was likely provided, but further assistance was offered if needed.