21 April 2014
gross turnover for AY 14-15 is 109 lakhs consited of both business and agriculture.While business turnover is 93 lakhs ariculture(tea plantation )is 16 lakhs His he required to submit audit report as gross is crossed 100 lakhs prescribed u/s 44AB?
22 April 2014
if you business of trading and you are decaling income more than 8% then not required audit for your business turnover rs.93 lacs otherwise you have to take audit report on your business sales. agriculture income/sales not include in turnover.
Assessee can't be called as a pure agriculturist (since doing business also). Income from tea manufacture is not fully tax free (corollary to rule 8 of IT Rues,1962). In view of the above, Rs. 16 lacks has to be counted for determining the threshold limit of 44AB meaning thereby ,in the cited issue tax audit applies.
22 April 2014
If Rs. 16 lacks is the proceeds of tea leaves sales, the it is agricultural income {304 ITR 1 (SC)}and hence can be excluded to check the threshold limit of Rs. 1 crore for the purpose of 44AB.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
22 April 2014
Thank you Chackrapani Sir, suppose a assessee both have agriculture and non-agriculture income.He submitted his return u/s 139(1)without claiming the tax free agriculture income benefit, now can he claim the benefit on subsequent assessment proceedings ?