Is there any Tax Expert on Caclub ?
This query is : Resolved
CA Sahil Singla..
(Querist)
28 May 2011
I am asking this very question consistently from last week. But no expert is replying on this.There are many gud experts on CAclub.I don't know y this question is being Ignored-
I having few acres of land which was purchased by me in ratio of 50:50 along with some other person 2 years ago from a farmer. Since last 5-6 months, i am engaged in Banana Farming on this land for commercial purpose.
My question is whether this income will be a agriculture Income & Exempted U/s 10(1).
If yes, then what type of documents are to be maintained by me for Assessing Purpose ?
Whether i need to maintain Vouchers as well for payment made to labour contractors & other misc. bills like for fertilisers ?
I having few acres of land which was purchased by me in ratio of 50:50 along with some other person 2 years ago from a farmer. Since last 5-6 months, i am engaged in Banana Farming on this land for commercial purpose.
My question is whether this income will be a agriculture Income & Exempted U/s 10(1).
If yes, then what type of documents are to be maintained by me for Assessing Purpose ?
Whether i need to maintain Vouchers as well for payment made to labour contractors & other misc. bills like for fertilisers ?
RAJESH MODI
(Expert)
28 May 2011
yes the income is exempted us 10(1) you willmention purchases bill for raw material and sale bill
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