Agriculture income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2017 if an assessee does not own farm(land),but he takes it on a rent from actual owner(farmer) for farming purpose and sale the crop grown from it (gross receipt of Rs.325000 & net income of Rs.135000) and he also sales fruits and vegetables on wholesale and retail basis by purchasing from others (total t/o Rs. 929500 & net profit Rs.186072),please guide me with respect to following query:
1.will assesse cover under section 44aa on the basis of above figure?
2.he is not maintaining books of account,will he get into trouble in future if he select "books of account not maintain" option in ITR-4 while filling return for the F.Y.2015-16

Amol S Joglekar

Amol S Joglekar (Expert)
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21 August 2017 trading in fruits and vegetable is taxable activity under income tax. he may go for 44AD
Taking farm on rent and doing the agricultural activity can be covered under agricultural income.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2017 thank you very much sir for your reply,but sir i have doubt that for 44AD i have to use ITR-4S utility but it does not cover section for agriculture income? will you please help me with this matter?

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2017 you can go for ITR 4

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2017 thank you sir for reply, Please help me with the following query: (1) selecting option "BOOKS OF ACCOUNT NOT MAINTAIN" in ITR-4 is 44AD? (2) will he get into trouble and covered under section 44AA on the basis of above mention figure of turnover in future if he select "books of account not maintain" option in ITR-4?(3) please give me idea of section 44AA with respect my case covering agriculture income?

Amol S Joglekar

Amol S Joglekar (Expert)
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23 August 2017 no way of getting harassed ....stay cool

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Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2017 thank you sir for sharing your practical expirience and reply....

Amol S Joglekar

Amol S Joglekar (Expert)
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24 August 2017 you are most welcome.....