Agricultural income itr & other issues
This query is : Resolved
Shivendra Singh
(Querist)
03 April 2019
1- If source of income is only Agriculture and income is 10-15 lakh. Is it mandatory to file ITR (Income Tax Return) ?
2- can my father take cash more than 2 lakh on sale of agricultural prodduce ?
Please specify clause along with Act passed by parliament in both ques.
Thanking you in advance.
2- can my father take cash more than 2 lakh on sale of agricultural prodduce ?
Please specify clause along with Act passed by parliament in both ques.
Thanking you in advance.
CA PARAS BAFNA
(Expert)
03 April 2019
1. Not mandatory to file, if he is having only Agriculture income and does not have taxable income. Refer Section 139(1).
2. Section 269ST is applicable to every person. He should avoid a single transaction of receiving cash of Rs 2.00 Lac or more.
2. Section 269ST is applicable to every person. He should avoid a single transaction of receiving cash of Rs 2.00 Lac or more.
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