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Income Tax Return
Suppose If a person has income from bussniess which is 300000 and he also has a agriculture income which is 150000, then which ITR to be filled by him? what whould be the nature of business code for agriculture income ? and where to show the agriculture income in ITR?Is agriculture income tax free? Kindly explain in detail .Thanks in advance.
Replies (4)
ITR 3 for Business Income
Show agriculture income in exempt income schedule.
ITR 3 should be filled. Because one can't file ITR 4 with the agricultural income in excess of ₹5,000.
You are not eligible to file ITR 4 as your agriculture income exceeds Rs. 5000/-. Use ITR 3 if having business income and agriculture income above Rs. 5000/-
1. ITR 3 will be applicable.
2. Business code for business related agriculture income is "01010"
3. Agricultural income must be shown under exempted income under section 10(1).
4. Total tax liability will be nil for the person since he is eligible for rebate of Rs.2500 under section 87 A.
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