Agriculture income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2012
Dear Sir,
I have received a cash Rs 300000/- for sale of crops in my uncle village, but i did not any documentary evidence for the same. can i claim income tax exemption on Rs 300000/- as a agriculture income.
I have also eared Rs 4,00,000/- form my profession as agent.
can income tax department demand the documentary evidence for agriculture income?
Time limit of demand / scrutiny of assessment.
I have received a cash Rs 300000/- for sale of crops in my uncle village, but i did not any documentary evidence for the same. can i claim income tax exemption on Rs 300000/- as a agriculture income.
I have also eared Rs 4,00,000/- form my profession as agent.
can income tax department demand the documentary evidence for agriculture income?
Time limit of demand / scrutiny of assessment.
12 June 2012
Yes, you can show the Agriculture income even if you dont have the proof. however AO, in rare case, may demand the documentary evidence at the time Assessment.
it is imperative to note that Agriculture income may make you lible to pay tax at higher rate.
it is imperative to note that Agriculture income may make you lible to pay tax at higher rate.
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