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Audit of Agricultural company

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student
115 Points Posted on 26 August 2023
Hello all

one Pvt Ltd company is engaged in Agricultural business (exempt activity).

Turnover of FY 2022-23 is 1.50 cr
all cash retail or wholesale sales

profit is below 8% of turnover.

is it liable for tax audit?
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On 26 August 2023 at 18:58 Report
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CFO- at NHTF
58280 Points Posted on 26 August 2023
Tax audit comes into picture only if it is business income.

exempt income is not part of business income.

So it's not liable for tax audit.
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On 26 August 2023 at 19:05


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