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

Tax audit requirement for company acquiring foreign shares and advancing overseas loan when turnover is below audit threshold. Whether a private limited company that purchased foreign shares and advanced a loan to a foreign company must undergo a statutory tax audit where its turnover is stated not to meet the audit threshold, and which clause to select in the tax filing form if an audit is required.