Agriculture income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2017 if an assessee does not own farm(land),but he takes it on a rent from actual owner(farmer) for farming purpose and sale the crop grown from it (gross receipt of Rs.325000 & net income of Rs.135000) and he also sales fruits and vegetables on wholesale and retail basis by purchasing from others (total t/o Rs. 929500 & net profit Rs.186072),so please guide me in relation to my following queries:
1.which ITR form will be used?
2.can i go for the section 44AD for non agriculture business as assessee is not maintaining any books of accounts?
3.can i show the sum total of wholesale and retail sales in the total turnover and net profit field or i have to disclose it
seprately?
4.what should i select in nature of business field?
NOTE:THE CASE IS FOR THE PREVIOUS YEAR 2015-16

RAJA P M

RAJA P M (Expert)
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12 August 2017 1. You can file ITR 3.... 2. You are not applicable u/s 44AD. Bcoz, ITR 4 (presumptive taxation) is not applicable for agri income above Rs. 5000.... 3. Yes. That is Total turn over... Both calculation ll be applicable and also you add the details separately as agriculture income and business income... Also both are calculated in ITR then you get liabilities after adjustments......

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2017 thank you sir for your reply,but the case is for the financial year 2015-16 so i am confuse between itr-3 and itr-4...please guide me in this regard...

RAJA P M

RAJA P M (Expert)
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18 August 2017 FY 2015-16 = ITR 4 is normal returns. ITR 4s is presumptive return.
FY 2016-17 = ITR 3 is normal returns. ITR 4 is presumptive return

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2017 thank you very much sir for your support,so i have to use itr-4 for f.y.2015-16 and sir please guide me in the following matter:as per figure mentioned above,will assessee be eligible to maintain books of account u/s 44AA?

RAJA P M

RAJA P M (Expert)
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18 August 2017 You have books of accounts select "YES"
If not You ll be select option is NO...

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 sir thank you very much, but sir i am filling return by using taxcloud service which prevent me while uploading return by showing error that i am covered u/s 44aa so sir if i ignore the 44aa and file return by using itr utility by selecting books of account not maintain, will i be in a trouble in future as total t/o increase Rs.10,00,000...i have fear for the scrutiny and penalty procedure as i am not gone through such kind of practical issue...please help me in this regard...