Audit of Agricultural company

This discussion clarifies whether an agricultural company with exempt income and a turnover of ₹1.50 crore is liable for a tax audit. While agricultural income itself is exempt under Section 10(1), a tax audit under Section 44AB is determined by business turnover. If the company's activities are purely agricultural, it's not considered 'business' for audit purposes. However, any non-agricultural business activities, such as processing or trading, would count towards the turnover threshold for a tax audit. Regardless, companies are still subject to statutory audits under the Companies Act.