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Agriculture income

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 June 2014 If A client have an business of catering & also he earned income from Agriculture. So what is the treatment and entry of agriculture income. Is any effect financial Statement i.e. Balance sheet or Profit & Loss a/c
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Rupesh Jain

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Rupesh Jain (Expert)
30 June 2014 if your agri income is abovers. 5000/- in a year then this income only for tax rate purpose will consider. its no effect on your P/L and B/s.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
30 June 2014 both are diff and only for tax purpose it is relevant as said above.
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 July 2014 Okay. Then how to mentioned in to Income Tax Return. In which sheet of ITR it was put down & there exemption.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 July 2014 Use ITR-2. The heading is Net agricultural income/ any other income for rate purpose (4 of Schedule EI).
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