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Tax audit
whether tax audit of a person dealing in purchase and sale of seeds ,flowers and other agricultural plants and turnover more than 1 cror.
Is required for tax audit or exempt from tax audit ?
Replies (2)
its required...
as far as I know.., nowhere the act specifies that agricultural income need not be audited under income tax...
as far as I know.., nowhere the act specifies that agricultural income need not be audited under income tax...
Sec 44ab simply says that if turnover xceeds 100 lakh then assessee have to go for tax audit. It does not talk about nature of any income. It speaks for turnover only
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