18 December 2023
Sir, A Doctor maintained a pharmacy Stores registered in gst act regular scheme.it returns show in amount details mentioned below 1.professional income rs:50 lacs yearly 2.sales of medicines turnover for pharmacy business rs:150 lacs yearly 3.rent pay to pharmacy Store to un register dealer rs:1,20,000/- for commercial property
4.rental income from commercial property rs:3,60,000/- 5.agrilculture income rs:2 lacs Question: Assessess above mentioned incomes taxable or exempted and show in gstr3b return compulsory.
16 January 2024
As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.
Professional Fee and Sales taxable to be reported. Rent Payment is an expense and subject to conditions of RCM Rent receipt subject to conditions as well
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