Tax Audit u/s 44AB

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Guest

Guest (Querist)

18 November 2008 In case of proprietorship firm turnover exceeds from Rs 40 lakhs but Agriculture Income of the asesse is Rs 5 Lakh So,whether it is mandatory for the assesee to file the ROI with the Tax audit Report u/s 44AB?(Because Agriculture Income is not a taxable Income)

Ravikumar.G

Ravikumar.G (Expert)
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18 November 2008 The method of aggregation is applicable to individuals, HUF, AOP & BOI and not applicable to Firms and Companies. Agricultural produce is used as a raw material in a business then average market price method can be used. Agricultural income is not form part of Turnover.

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