A person who deriving agriculture income from its own land. he is producing kapas and sell it some traders who purchases same without bill.
A person can not be able to obtain the bill. he sells some of the produce directly to users.he wants to file return and showing agri Income in the retur for obtaning loan .
so my ques is that while preparing Capital account and Profit and loss account. how can i shown sales in profit and loss account because he does not possess any bills or invoice relating to sales and Purchase( purchase is very negligible) becuase his cap account and profit and loss account will be made available to banks if he will go for Loan. so what to do in this situation? whether i have to prepare profit&loss in absurd manner? pls explain what to show and how to show or show it or not? Part2
Secodly, apart from agricultural income, hes doing part time accounting job so he receives 15000/month.if i will go for Agri and non agri income both then i have to file it in ITR 4 am i right?
if i will show only non agri Income(i.e.salary) then i have to file ITR 1. Am i right?
04 July 2013
You can show the entire amount as agricultural income the only problem is there is no sales bill but you can type the bills and keep it with you the only thing is that the name of the person to whom you have sold should be perfect and genuine.
CAclubindia
