fish cultivate business is exceed 60 lakhs is 44AB?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2011
sir
one farmer is cultivating fish business ( prawns)in hi ponds.
he having5 ponds.
his turnover is 1.20 crores. he will be audited u/s 44ab.
it can be exempt as per agricultural income.
one farmer is cultivating fish business ( prawns)in hi ponds.
he having5 ponds.
his turnover is 1.20 crores. he will be audited u/s 44ab.
it can be exempt as per agricultural income.
CA PARAS BAFNA
(Expert)
19 July 2011
Fisheries is a non-agriculture income.
He is required maintain Books of Account and further required to get his accounts
audited.
He is required maintain Books of Account and further required to get his accounts
audited.
Message likes :
1 times
20 July 2011
Yes. Audit is mandatory in this case.
20 July 2011
The provisions of Section 44AB are meant for business. Hence any business where the turnover exceeds 60 L at present is liable for tax audit.
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