Income-expenditure a/c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2012 I have agriculture income and what to file income tax return. Do I prepare income-expenditure account and balance sheet and net income shown in agriculture income which is exempted.

do it is possible ?

which ITR should i need to use for agriculture income ?

thanks in advance

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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02 July 2012 I think no use of filing of Only Agricultural Income Return because this income is exempted and thus exempted income not discloses in the return acknowledgment form but why you want to file Agricultural income return i don't know. Anyway if you want then you can file it and the ITR-2 is sufficient.

OM SAI SRI SAI JAI JAI SAI

Amit

Amit (Expert)
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02 July 2012 Hi,

Though Agriculture income is exempt but to demonstrate that u file a return .

Yes you can prepare income and expenditure account and show net income as agricultral income .

It will come under income from Business or profession.

Hence ITR 4
Hence you should file ITR 4

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