44ad

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2014 HELLO,
MY FATHER IS FARMER AND HIS ONLY AGRICULTURE INCOME,AND NO BOOKS MAINTAINED FOR THAT,SO HOW CAN I DISCLOSE INCOME OF THERE????
IS SECTION 44AD IS APPLICABLE??

CA Rinkal

CA Rinkal (Expert)
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21 June 2014 dear

section 44AD applies only to eligible business and agriculture income is not covered in the definition of eligible business.

agriculture income is exempt from tax u/s. 10(1)

so you may file the return of your father by considering 60% of your total bill(Sale) amount.

still your taxable income is NIL as the said income is exempt from tax.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2014 why considering 60% sale amount???
is there any rule for that???

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Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2015 WHICH FORM OF ITR SHOULD I FILED FOR AGRICULTURE INCOME ONLY??