Income of Cattle Purchase & Sale Trans...

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Murtaza I Bhagat (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

M Prabhakar Menon

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.

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