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TAX AUDIT OF A KRISHI FARM....

This query is : Resolved 
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(Querist)
20 July 2010 DEAR EXPERTS,

WE HAVE A KRISHI FARM. INCOME FROM SALE OF VEGETABLES IS MORE THAN Rs. 80 LACS.
IS TAX AUDIT NECESSARY SINCE ITS INCOME IS TOTALLY EXEMPT FROM TAX?

REGARDS.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 July 2010 As per the section it reads as any business and hence the same should be liable for audit.

However i have found no judgement in favour nor against this. Will revert in case i get it.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 July 2010 However on second thoughts it is not business income itself and hence there is no income from business and no business and hence should not be liable for audit.
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srinath

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srinath (Expert)
20 July 2010 Since it is not a business income the firm will not be subject to tax audit
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