TAX AUDIT OF A KRISHI FARM....
This query is : Resolved
CMA. CS. Sanjay Gupta
(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.
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.
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.
However i have found no judgement in favour nor against this. Will revert in case i get it.
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.
20 July 2010
Since it is not a business income the firm will not be subject to tax audit
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