srinu (accountant) (87 Points)
21 February 2017One person, he is agriculturist, he purchased harvester for his agri use, suddenly after some time he sold out, now he received notice due sale proceeds exceeding 10 lacks, so department issue notice, what his position in this regard, please give advise
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 21 February 2017
Reply properly. Its not agricultural income. If total taxable income (before any deduction) is below taxable limit in that year, no need to file return, but the explanation be given, because cash transaction might have been involved. Take help of any local CA or tax expert.
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