Agriculture income

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Dear Experts,

I have only agriculture income, I know it exempted from tax.

but only one column is there for agriculture income

do i prepare p&L & BS for agriculture income or not ? or only net income from agriculture needs to shown in ITR ?

kindly clarify my confusion

thanks in advance

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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29 June 2012 Only net income you required to show in the return.

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 thanks for your valuable reply sir,

but i want to take loan and also bank is demanding P&L & BS for loan purpose

so how can i prepare p&L & BS if net income need to shown in ITR

how can i get loan from banks ?

pls sir

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CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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29 June 2012 You no need to prepare P&L account , just list out your assets and liabilities and draw a balance sheet and the balance amount is to be your closing balance of your capital account.

Credit all incomes to that personal account i.e captital acoount and debit all your expenses including agriculture activities and drawings.

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 thanks again sir,

bank wants return for housing loan and i have only ITR Acknowledgement & Computation, so as you said about balance sheet thanks for that but do i prepare income & expenditure statement instead of p&L for loan purpose..

pls sir