28 May 2011
I am asking this very question consistently from last week. But no expert is replying on this.There are many gud experts on CAclub.I don't know y this question is being Ignored-
I having few acres of land which was purchased by me in ratio of 50:50 along with some other person 2 years ago from a farmer. Since last 5-6 months, i am engaged in Banana Farming on this land for commercial purpose. My question is whether this income will be a agriculture Income & Exempted U/s 10(1). If yes, then what type of documents are to be maintained by me for Assessing Purpose ? Whether i need to maintain Vouchers as well for payment made to labour contractors & other misc. bills like for fertilisers ?
CAclubindia
