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.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 19 July 2008
If the income is from agriculture within the meaning of IT Act, it is exempt.
naveen jain
(Chartered Accountant)
(57 Points)
Replied 19 July 2008
| 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
naveen jain
(Chartered Accountant)
(57 Points)
Replied 19 July 2008
| 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. |
" |
dattatreya Sarma
(accountant)
(108 Points)
Replied 19 July 2008
CAclubindia
