Income tax
This query is : Resolved
03 February 2018
Dear Sir,
My friend has only agriculture income of Rs. 456000/-as his principal source of income for earning livelihood . Whether it is business income.
and PROFIT AND LOSS A/c require to prepare.
My friend has only agriculture income of Rs. 456000/-as his principal source of income for earning livelihood . Whether it is business income.
and PROFIT AND LOSS A/c require to prepare.
03 February 2018
Roni, if your friend only has agriculture income then he need not file any return. But if he has other income exceeding Rs. 2.5 lacs pa then he needs to file return
03 February 2018
Agricultural income is exempt clause is mentioned under Section 10 (1) File ITR-2 since your agriculture income above Rs.5000/-
03 February 2018
Computation of Income Tax liability on Agricultural income is done, if following two conditions are cumulatively satisfied.
- Net Agricultural income exceeds Rs. 5,000/- for previous year, and
- Total income, excluding net Agricultural income, exceeds the basic exemption limit.
Once the aforementioned conditions are satisfied then we shall compute the Tax liability.
As per the facts mentioned by you, these two conditions are not satisfied therefore, your income is exempt from tax.
- Net Agricultural income exceeds Rs. 5,000/- for previous year, and
- Total income, excluding net Agricultural income, exceeds the basic exemption limit.
Once the aforementioned conditions are satisfied then we shall compute the Tax liability.
As per the facts mentioned by you, these two conditions are not satisfied therefore, your income is exempt from tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
