Regarding agri income

This query is : Resolved

jinesh (Querist)
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03 June 2013 Part 1

A person who deriving agriculture income from its own land. he is producing kapas and sell it some traders who purchases same without bill.

A person can not be able to obtain the bill. he sells some of the produce directly to users.he wants to file return and showing agri Income in the retur for obtaning loan .

so my ques is that while preparing Capital account and Profit and loss account. how can i shown sales in profit and loss account because he does not possess any bills or invoice relating to sales and Purchase( purchase is very negligible)
becuase his cap account and profit and loss account will be made available to banks if he will go for Loan. so what to do in this situation? whether i have to prepare profit&loss in absurd manner? pls explain what to show and how to show or show it or not?
Part2

Secodly, apart from agricultural income, hes doing part time accounting job so he receives 15000/month.if i will go for Agri and non agri income both then i have to file it in ITR 4 am i right?

if i will show only non agri Income(i.e.salary) then i have to file ITR 1. Am i right?

Please explain the situation separately.

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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05 June 2013 Its better to show only salary Income. If you want show agriculture Income under IFOS on net basis.

jinesh

jinesh (Querist)
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06 June 2013 please ans me which return should i file if i go for Non agr income(i.e salary) please explain?

if i will go for agri income in this way then how can i prepare balance-sheet and profit and loss account.which return should i file for them?

pls explain me again.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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04 July 2013 You can show the entire amount as agricultural income the only problem is there is no sales bill but you can type the bills and keep it with you the only thing is that the name of the person to whom you have sold should be perfect and genuine.