Reg: filing of return

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2011
If agriculture income is 1,80,000 but there is no other income. can i file incometax return?

this income tax return can be used for financing vehicle ?
what documents have to be prepared for financing vehicle?

Please give me ans ASAP
Thanks in advance

Aijaz Shaikh

Aijaz Shaikh (Expert)

20 November 2011 You can file income tax return, even if your taxable income is Nil.

You have to file ITR-4.

Documents required for any loan:-
Profit & Loss A/c.
Balance Sheet.
Income tax return.

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2011 Dear Sir

If there is only agricultural income it is sufficient to show to the bank for car loan ?

in this case no Profit & Loss a/c and no Balance Sheet will be made...

I.T Return should be certified by C.A or not ?
Bank will check something in support of sanctioning loan?
Please tell me ASAP

Prakash Tolani

Prakash Tolani (Expert)

21 November 2011 1. You can file ITR even if your income is zero. Agricultural income is exempt and it is only consider for calculating tax. In this case you have only agricultural income but no other income, your total income will be NIL and tax will also NIL.
2. In support of your income, you can provide to bank, Mandi receipt (i.e. issued in support of your agricultural production) is sufficient
3. If you want to bank loan for the purpose of agricultural vehicle, in that case banker can demand your property paper.

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