i am small farmer . i have 1 acre land for cultivation . in a year i produce 2-3 commodities. i never went to market to sell my agriculture product , sometimes a broker or some times a commodity broker or some times a retailer directly comes and make a deal . this way , i earn 250000 to 300000 in a year .
Now my question is .. 1) Can I File income tax ? 2) since i have done deals through brokers and retailers directly therefor i have no written agreement and any slip or any piece of paper of deal . will it be raise any issue while filing an ITR ? 3)A farmer only wants profit and instant money then Is it really necessary for farmer to deal with a such type of person who can deal on paper then will buy a commodity ?
for a farmer , what are the tools or options or methods available to make it simplify so that he can also file an ITR easily .
2. no it wont make any difference how you sold your product
3. not a clear question
4. you just need to compute total amounts received and reduce the cost incurred during agriculture activities. the remaining amount is profit. Please file ITR2.
17 September 2014
see if there is no paper you cannot produce one. so atleast ensure that you keep a record of the quantity of produce sold and the price received.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 September 2014
sir i maintain a simple register or notebook for all records . will it help me ?
In a notebook i maintain total price of seeds and other expenses and how much have i sold to others , what is my profit etc etc ... in this way i only maintain record .
17 September 2014
it should be sufficient...but always remember that AO has the right to ask you to substantiate income source..specially in case you are overstating income...
17 September 2014
sir , i am a teacher also . i also generate some money from there ( so that i can support my agriculture business indirectly ) . i run a coaching . and earn 2.5 to 3 lacs from there . will i have to file 2 different ITR ? I heard , agriculture income is exempted from income tax . how will i get benefit ?
17 September 2014
there will be only one return. what benefit are you looking for?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 September 2014
if i file ITR for overall total income 4.5 lacs ( 2lacs for agriculture +2.5 lacs for coaching income ) , then will i have to pay tax on total or only for my coaching income ?