Tax Audit U/s 44AB for AGRICULTURE business
This query is : Resolved
19 February 2008
Dear Sir,
i have a doubt about tax audit u/s 44ab if a person engaged only in agriculture activity and his turnover of agriculture business i.e. sales of vagitable/grains which are produce by him exceeds Rs. 40 lacs. is he lible for tax audit u/s sec 44ab of it act 1961? or not?
i have a doubt about tax audit u/s 44ab if a person engaged only in agriculture activity and his turnover of agriculture business i.e. sales of vagitable/grains which are produce by him exceeds Rs. 40 lacs. is he lible for tax audit u/s sec 44ab of it act 1961? or not?
19 February 2008
Vegetables and grains from agricultural land are sold by a person who is the producer of these produces, these are agricultural income not subject to income tax. 44AB ia applicable only for business/professional income.
20 February 2008
SINCE THE AGRICULTURAL INCOME IS EXEMPT FROM TAX AND THE PERSON WHO PRODUCES THE VEGETABLES IS THE SOLE SELLER OF THE VEGETABLE HE IS NOT LIABLE FOR TAX AUDIT UNDER SECTION 44AB AS IT DOES NOT COME IN THE PURVIEW OF SECTION WHICH STATES INCOME FROM BUSINESS
20 February 2008
The Tax Audit is applicable if gross receipts from Business/ Profession exceeds Rs.40 Lacs/10 lacs resp.and the agriculture income is not taxable under this categry or even any other category. so the Tax Audit is not applicable for such business.
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