Clarifiacation of meaning of incometax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2016 Dear Friends Goodafternun
My Friend Is Doing Aqua Business(Fish Ponds, Prawns Selling etc.,)Now He Is Asking His Business Comes Under Agriculture Activity Or Taxable.
If Taxable What Is The Limit For His Tax Planning.
Thanks And Very Humble Wishes To All The Organizers.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 December 2016 His business will not come under agriculture activity. Up to 2 crore turnover he can declare 8% profit on turnover and pay taxes on it u/s 44AD. No books of ac need to be maintained and no tax audit is required.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2016 Very Thankful To U Sir.....