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how to audit if person is exempt under section 10(26)
A person who is big contractor has turnover of 2.5 crore.. whether he is required to be audited under section 44AB....(he is schedule tribe of arunachal Pradesh... and these are exempted from income tax as per section 10 {26}...
Replies (3)
I think eventhough the Income is exempt u/s 10(26) for sheduled tribe of Arunachal Pradesh, Section 44AB is attracted based on the turnover criteria i.e. turnover exceeds 1 Crore.
However, the same condition not applicable to Agricultural income since the same does not enter the heads of income.
Income under 10(26) also does not fall under heads of income....As per law they not required to file income tax return also...
Is contract income not a business income? If Yes. Then Tax audit is necessary.
If No. Then in that case need not go for Tax audit u/s 44AB.
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