Agricultural income
This query is : Resolved
06 December 2016
Hello Experts, my friend had agricultural land and he sold the agricultural produce to agro based companies. All the transactions was done through bank. The bank transactions for F.Y 2014-15 is Rs. 2.3 crores(assuming that Profit is 1%) . He has a another business having turnover Rs.45 Lakhs. He received a notice from IT Dept for non filling of IT return. Now my query is " whether he is liable for TAX AUDIT ", "He is need to mantain the books of accounts". " if he show that much amount (Rs. 2.3 crores) is there any possibility of Scrutiny assessment".
06 December 2016
what is nature of your other business
06 December 2016
Sale of Agricultural produce. (Purchase from another former and sale the same to agro based companies)
06 December 2016
Audit is not required. Assuming your friend is carrying the business as individual he can file ITR 4S and not required to maintain Books of accounts
06 December 2016
thank you sir,
in ITR-4S is it possible to show agricultural income. If so can you please guide me which Sheet and which column
in ITR-4S is it possible to show agricultural income. If so can you please guide me which Sheet and which column
06 December 2016
This I need to check and revert
06 December 2016
Thank you sir, waiting
06 December 2016
I am sorry, Form 4S does not have provision for Agriculture Income and therefore you need to file ITR 4 only in which presumptive [profit u/s. 44ad can also be declared. Sorry for inconvenience
06 December 2016
sir, how can i declared profit u/s 44ad i meaan that is it need to select any option or it is sufficient to show >8% profit.
06 December 2016
sir, i have one more doubt in ITR-4 we need to show Gross Receipts from Agricultural Activities. If i show Rs. 2.3 crores is there any possible for scrutiny assessment or any Proceedings
06 December 2016
Your case is not likely to come under scrutiny
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06 December 2016
sir, how can i declared profit u/s 44ad in ITR-4, i mean that is it need to select any option in ITR or it is sufficient to show >8% profit.
06 December 2016
In my opinion Simply write the amount .
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