21 June 2008
there is no limit prescribed under the act. u can declare any amount as a agriculture income if u have.
under the I T Act, no document prescribed for this,but u hav to collect sale parchi (Called Mandi Parchi if sell through Mandi Samiti)or document showing the transaction .
generall 40% of total receipts are to be taken for expenses in the practice. otherwise actual Receipt & Payment account can be made.
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