Itr form

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for agriculture income and income from bank fd int which itr form should i used
Replies (15)

Itr2A if agricultural income exceeds rs 5000/- but agricultural income is less than rs 5000/-, use itr1

Yes ITR2A for more than 5K and ITR1 for less that5K, interest goes to other income.

One more question is that dairy income should be consider as agriculture income or non agriculture income
Dairy income is non agricultural income
Is income from selling natural flower also a non-agricultural

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.

Is there any option that I can file AY-12-13 OR 13-14 ITR at current date?

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

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.

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

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

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

Ancestral property means property in name of karta's ancestors Am I right?

Yes that's correct. 


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