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Agriculture income

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(Querist)
07 December 2015 My father has leased 130 acres of land, we produce sugarcane if we have to file income tax return. If yes whats the benefit? We do not have any other source of income.
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CA CS Jainam Shah

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CA CS Jainam Shah (Expert)
07 December 2015 You have agricultural income. Agricultural income is totally exempt under Income tax act. So you must have file your return because it will build up your capital and easy to justify your net worth.
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