banner_ad

Income of Cattle Purchase & Sale Trans...

This query is : Resolved 
Profile Image

Profile Image

(Querist)
12 December 2009 Dear experts,

I have to know If I am a Person who Purchase Cattles(ike..buffalo,cow,goat etc.,)and sales in Cattle camps...
My T.O cross Rs.1 Crore in a yr....

Pls Explain me what i have to do about IT and TAX audit under which Sec.. in above case.

or
if I done this thing in base of Commisssion (means Two Party 1 Purchaser 2. Sellor...3 Me commission agent)but payments of Purchase deposit in my Bank A/c & then I withdrawl & give it to Seller....but in that case my Bank A/c is using and their T.O goes over 1 Cr in a yr. Pls Guide me what should I do in this circumstances...

Thanks in advance
Profile Image

M Prabhakar Menon

Profile Image

M Prabhakar Menon (Expert)
12 December 2009 Trading in cattle is a non-agricultural business and hence taxable under the provisions of the Income Tax Act 1961.Maintain proper accounts and records of your transactions have them duly audited and certified by a CA and file your returns just like other businessmen.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details