fish cultivate business is exceed 60 lakhs is 44AB?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 sir

one farmer is cultivating fish business ( prawns)in hi ponds.

he having5 ponds.

his turnover is 1.20 crores. he will be audited u/s 44ab.

it can be exempt as per agricultural income.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 July 2011 Fisheries is a non-agriculture income.
He is required maintain Books of Account and further required to get his accounts
audited.

Message likes : 1 times

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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20 July 2011 Yes. Audit is mandatory in this case.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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20 July 2011 The provisions of Section 44AB are meant for business. Hence any business where the turnover exceeds 60 L at present is liable for tax audit.