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Agriculture Income and 44AB Audit

praveen (Chartered Accountant) (6971 Points)

26 March 2010

Is 44AB audit applicable if an individual has an agricultural sales of more than 40 Lakhs during the FY 2008 - 09. I am sure that it is applicable. what do you all say

Thanks in advance

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3 Replies

karthikeyan.v (Chartered Accountant) (523 Points)
Replied 26 March 2010

no 44AB in not applicable in your case

karthi

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praveen (Chartered Accountant) (6971 Points)
Replied 26 March 2010

ya i realised it just now

only business sales and not agricultural sales to be considered

CA Anil Sah (Jr. Manager (F&A) PSU) (139 Points)
Replied 26 March 2010

Section 44AB Says that :-

44AB. Every person,—

(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year , or

(b) carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any [previous year; or

(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under [section 44AD or section 44AE or section 44AF] [or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any [previous year,]]