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Agricultural income Return Filing Liability ?

reena jain (CA ) (247 Points)

07 April 2010

Hi Friends,

please help,

If an individual has income from other sources 100,000 Rs. and Agricultural income 500,000 Rs.

then he is liable to file IT return?

thanks

Reena Jain

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19 Replies

Amir (Learner) (4016 Points)
Replied 07 April 2010

Dear Mam,

If Gross Total Income (other then agriculture Income) is less then the Exemption limit then Return filing is not mandatory.

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CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 07 April 2010

not required to file IT return......... in this case........

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 07 April 2010

Yes,

in addition to,

When Non Agriculture Income Exceeds Minimum Exemption Limit & Agriculture Income Exceed Rs. 5000/- Then Only U Need to File the Income Tax return.

The Both Criteria Should Be Satisfied.

CA KHAN AURANGZAIB (ERP FINANCIAL CONSULTANT) (85 Points)
Replied 07 April 2010

"Every person other than company and firm will file return of income where taxable income is more than prescribed limit." Therefor agriculture income is expemt from tax, therefor it shall not calculate for the purpose of Taxable income . Therefore in your case, return filing is not mandatory.

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 07 April 2010

ayush, i want to correct you........

it is minimum exemption limit, not maximum exemption limit.........

Regards,

Love Arora

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CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 07 April 2010

Originally posted by : LOVE ARORA
	ayush, i want to correct you........ it is minimum exemption limit, not maximum exemption limit......... Regards, Love Arora

Oh.Its Wronglly Typed.....

I Corrected That one.........

Thanks for Correcting Me.

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 07 April 2010

welcome....... always.........

SUNIL GARG (CHARTERED ACCOUNTANT) (175 Points)
Replied 07 April 2010

Hi Reena,

In case the assessee has agriculture income exceeding Rs. 5000 as well non-agriculture income exceeding the maximum amount not chargeable to tax (i.e. Rs. 1.60 Lacs for AY 2010-11) , then both the incomes are clubbed and relief is given on agricultural income by a formula.

In your case, since the non-agriculture income is less than Rs. 1,60,000/- i.e. Rs. 1,00,000/- only. You are not required to pay any taxes neither you are required to file ITR as per law.

I assumed this a case of AY 2010-11.

saranraj (CA FINAL) (419 Points)
Replied 07 April 2010

the individual need not file the return of income if the income from other sources is not taxable under special rates...

reena jain (CA ) (247 Points)
Replied 08 April 2010

Hi Friends

Thanks a lot for your immediate response,

i expect the same support in future

thanks again

reena jain

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CA Shiv (Business Controller) (2987 Points)
Replied 09 April 2010

Yes i agree to allll but its better to file a return for many purpose...

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 09 April 2010

But Mr. Shivang, what will you do if ITO officials deny to accept the ITR as GTI is less than exemption limit........

CA Shiv (Business Controller) (2987 Points)
Replied 09 April 2010

Mr. Arora.. No one can stop you from filing Nil return. If you have income of 3k only and if you want to file a return than also you can file a return.