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Agriculture income

Amit (Artical) (64 Points)

03 July 2016

I earn in last year 1290000 agricultural income Non agriculture income is zero So I filled income tax return or not

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14 Replies

Manish Bhandari (C.A) (496 Points)
Replied 03 July 2016

filing is better but by the quantum of income keep documents n supporting ready to prove the same.

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Purushottam Lal Garg (Senior Accounts Executive at Chanson Motors Pvt. Ltd.) (83 Points)
Replied 03 July 2016

No need to file as whole income is exempt u/s 10(1).

Adarsh (Cs ~ executive) (21 Points)
Replied 03 July 2016

you fill your return because it us compulsory to fill return As per Indian govt. every individual has to file return and you know that it is fully exempt so , u file return it is good for our govt

Amit (Artical) (64 Points)
Replied 03 July 2016

Thanks sir

But which return form I filled and if purchased like car or gold from this income is it taxable

Amit (Artical) (64 Points)
Replied 03 July 2016

Income tax notice is not given by department to me please give reply thanks

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Manish Bhandari (C.A) (496 Points)
Replied 03 July 2016

buying is not taxable but selling of these item for profit is taxable.

Amit (Artical) (64 Points)
Replied 03 July 2016

Ok I understand sir but which form should be filled

Manish Bhandari (C.A) (496 Points)
Replied 03 July 2016

File ITR 2

Amit (Artical) (64 Points)
Replied 03 July 2016

Thanks for clarification of my query

sourabh singh (....) (73 Points)
Replied 04 July 2016

no need to file return ..
u/s 139 an assesse is require to file return if his total income is exceeding the taxable income....
ur income is fully exempt thus not require to file return

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 04 July 2016

Sir, you are not required to file return u/s 139(1) as your whole income is exempt by virtue of section 10(1). However, in case you are planning to take any loan from bank in future you can file your return. Also, it is advised that you should have proper evidences to substantiate your claim that your income is fully exempt in case any notice is issued to you from ddepartment

Purushottam Lal Garg (Senior Accounts Executive at Chanson Motors Pvt. Ltd.) (83 Points)
Replied 04 July 2016

Persons having GTI above 2.5 lacs are required to file ITR and agriculture income is exempt u/s 10(1) so not includes in total income. Please also provide nature of agricultural income because every income is not exempted. You can check no. of people in India filling ITR. It is not compulsory.