can anybody tel me whether Tax audit will be applicable for the concern whose agricultral receipts (turnover) exceeds Rs 40lakhs ? and the same is from export of agricultral product.
can anybody tel me whether Tax audit will be applicable for the concern whose agricultral receipts (turnover) exceeds Rs 40lakhs ? and the same is from export of agricultral product.
If the income is from agriculture within the meaning of IT Act, it is exempt.
| Originally posted by :Meeta | ||
| " | can anybody tel me whether Tax audit will be applicable for the concern whose agricultral receipts (turnover) exceeds Rs 40lakhs ? and the same is from export of agricultral product. |
" |
according to IT act sec 44AB a person carrying of business or prof. and consider only reciept or turnover and does not consider taxable income or reciept so Tax audit will apply in given circumstances
| Originally posted by :Meeta | ||
| " | can anybody tel me whether Tax audit will be applicable for the concern whose agricultral receipts (turnover) exceeds Rs 40lakhs ? and the same is from export of agricultral product. |
" |
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