Hello all
one Pvt Ltd company is engaged in Agricultural business (exempt activity).
Turnover of FY 2022-23 is 1.50 cr
all cash retail or wholesale sales
profit is below 8% of turnover.
is it liable for tax audit?
Tax audit comes into picture only if it is business income.
exempt income is not part of business income.
So it's not liable for tax audit.
CAclubindia
