agriculter income exceed rs. 40 lacs.
This query is : Resolved
20 July 2009
if the agri. income exceed rs. 40 lacs then is it liable to tax audit under sec. 44AB of income tax act,1961 ?
assume that the assess has no other income exceed rs. 5000/-
assume that the assess has no other income exceed rs. 5000/-
20 July 2009
Sec 44AB talks about if assesse has gross receipts from business and profession in equal to or more than 40lacs then he is liable to audit his books of account and agriculture income not business or profession in the income tax act. therefor he is not required to audit his accounts.
20 July 2009
Sec44AB is for Income under the head business & profession and is not applicable for agricultural income
20 July 2009
Agricultural Income is not included in Business Income. And sec 44AB is onle for Business & Profession
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