Personal audit required or not
This query is : Resolved
AMIT RATHI
(Querist)
05 November 2014
PLEASE CLARIFY MY QUERY:
MY ASSESSEE IS DERIVE BUSINESS INCOME AND CASE IS COVERED U/S 44AD OF IT ACT.
FURTHER HE IS HAVING HUGE AGRICULTURAL INCOME (EXCEEDING RS. 1 CRORE)ALSO. IS IT NECESSARY TO AUDIT THE PERSONAL ACCOUNTS RELATING TO AGRICULTURE SECTOR INCOME. WHEREAS THE AGRICULTURAL INCOME IS EXEMPTED U/S 10 (1) OF IT ACT.
MY ASSESSEE IS DERIVE BUSINESS INCOME AND CASE IS COVERED U/S 44AD OF IT ACT.
FURTHER HE IS HAVING HUGE AGRICULTURAL INCOME (EXCEEDING RS. 1 CRORE)ALSO. IS IT NECESSARY TO AUDIT THE PERSONAL ACCOUNTS RELATING TO AGRICULTURE SECTOR INCOME. WHEREAS THE AGRICULTURAL INCOME IS EXEMPTED U/S 10 (1) OF IT ACT.
Nikhil Kaushik
(Expert)
05 November 2014
no. agriculture income is not included in the turnover for computation of 44AB limit.
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