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.

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.