Agriculture Income and 44AB Audit

hi

no 44AB in not applicable in your case

karthi

ya i realised it just now

only business sales and not agricultural sales to be considered

Section 44AB Says that :-

44AB. Every person,—

          (a)   carrying on  business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year , or

          (b)  carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any [previous year; or

          (c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under [section 44AD or section 44AE or section 44AF] [or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any [previous year,]]

The defination of business u\s 2(13)

  “business” includes any trade ^, commerce or manufacture or any adventure  or concern in the nature of trade , commerce or manufacture ;

So , in my opnion AGRICULTURE is not business because its not fall under above ,

Hence Section 44AB  not apply .

Plz correct me , if i wrong ......................................