TaxTMI 
TaxTMI 
TaxTMI 
| 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. | |||||
WHETHER TO FILE TAX AUDIT
S.C. WADHWA
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. (AI Summary)
