income from agriculture income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2009 hi all,

my cilent is a farmer, is planning to take a farm on lease and do farming.

what will be the implication of income earned from this, will it be exempt as agriculture income.

is there any need to make alteration in 7/12 extract.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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12 December 2009 Agriculture Income is Exempt upto 1,50,000/- for farmers only.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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12 December 2009 Agriculture Income is Exempt upto 1,50,000/- for farmers only.

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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12 December 2009 Agriculture Income is Exempt max. upto 1,50,000/- for farmers only.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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13 December 2009 Provisions of Section 2(1A) exempts wholly the agricultural income from Income Tax.

Your client should enjoy. Never go for filing of income-tax returns. In recent years; huge incomes tax disallowances have been made by the Income-tax department and rasied demands.

Better to choose that family member who is not having other sources of income. That is; plan in such a way that only Agricultural Income is there in the hands of farmer.