AGRICULTURAL INCOME DECLARED U/S 10(1)

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This discussion addresses a tax query regarding agricultural income declared under Section 10(1) of the Income Tax Act. Despite the income being fully exempt, a notice for rectification and demand was received due to a mistaken declaration of over 5 lakhs. The user is seeking guidance on whether to file a revised return or a rectification request under Section 154, especially after discovering a small amount of SB interest income.

raghavendra b

raghavendra b (Querist)
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26 August 2022 DEAR SIR,

I HAVE FILED INCOME TAX RETURN FOR A FARMER. HIS TOTAL AGRICULTURAL INCOME MORE THAN 2173491/- DECLARED LESS EXPENDITURE 1661871/- INCOME DECLARED RS. 511620/- ACTUALLY I HAVE FILED INCOME FULLY EXEMPT U/S 10(1) BUT I HAVE RECEIVED NOTICE U/S 154 RECTIFICATION AND DEMAND DUE OF RS. 2420/- LESS AFTER REBATE OF 12500/- TOTAL TAX LIABLITY 14920/-. ACTUALLY BY MISTAKENLY FILED ABOVE 5 LAKHS SHALL WE FILE REVISED RETURN OF INCOME OR FILE RECTIFICATION REQUEST U/S 154.

PLEASE GUIDE ME

REGARDS