Itr form
sagar (mathura) (214 Points)
03 October 2015
for agriculture income and income from bank fd int which itr form should i used
15 Replies
Miss Rinkal
(Student)
(1309 Points)
Replied 03 October 2015
Itr2A if agricultural income exceeds rs 5000/- but agricultural income is less than rs 5000/-, use itr1
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 03 October 2015
Yes ITR2A for more than 5K and ITR1 for less that5K, interest goes to other income.
sagar
(mathura)
(214 Points)
Replied 03 October 2015
One more question is that dairy income should be consider as agriculture income or non agriculture income
sagar
(mathura)
(214 Points)
Replied 04 October 2015
Is income from selling natural flower also a non-agricultural
Miss Rinkal
(Student)
(1309 Points)
Replied 04 October 2015
Yes selling of natural flowers can be considered as agricultural income. But merely selling would not constitute as agricultural income. Basic operations of growing the flower needs to be performed.
Sudeep Lohani
(Article Assistant)
(226 Points)
Replied 04 October 2015
Is there any option that I can
file AY-12-13 OR 13-14 ITR at current date?
Miss Rinkal
(Student)
(1309 Points)
Replied 05 October 2015
Yes that can be filed but only after making an application to the CIT for condonation of delay, and if CIT approves the condonation then you can file the same.
Needless to say that reason should be substantial enough for condonation of delay else it may attract penalty and fines and interest provisions also if taxes are to be paid
sagar
(mathura)
(214 Points)
Replied 24 October 2015
I read somewhere that if an individual transfer his property to Huf than rent derived from aforesaid property is taxed in hands of Huf but my confusion is that as per sec 64(2) if individual transfer property to Huf without adequate consideration than income shall continue be clubbed in hands of transferor so who will liable to pay tax on rent individual or Huf.
Miss Rinkal
(Student)
(1309 Points)
Replied 24 October 2015
Individual only. That will be taxed as clubbing income. To elaborate more, the income will deemed income in the hands of individual and hence individual will be taxed and not huf
sagar
(mathura)
(214 Points)
Replied 24 October 2015
For taxed this income in hands of huf What should I need to do?
I read this article on following link
https://googleweblight.com/?lite_url=https://www.charteredclub.com/how-to-save-taxes-by-forming-huf/&lc=en-IN&s=1&m=383&ts=1445674255&sig=APONPFmsdmDQpT9iy_RAoGDOjy6BpJcuWg
Miss Rinkal
(Student)
(1309 Points)
Replied 25 October 2015
If you read the example carefully , you will get to know one difference. The example provided in the link is of an ancestral property and not a self acquired property.
The clubbing provisions in the act mentions of a self acquired property transferred without any consideration, the act does not have any mention of ancestral property and hence it outside the ambit of clubbing provisions.
Hope you have no further doubts regarding clubbing provisions
sagar
(mathura)
(214 Points)
Replied 25 October 2015
Ancestral property means property in name of karta's ancestors
Am I right?
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