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AGRI LOAN

SACHIN KHETAWAT (Student) (349 Points)

20 March 2018

there is a small amount of agricultural loan taken and there is no such income from agricultural buisness, and he is working as paid employee . so can he file ITR without showing the same loan and file ITR only with salary and other income.

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 20 March 2018

Even if you declare loan amount (or agricultural income, if any) it will not change taxable values !!!

So, why all this hotchpotch....

SACHIN KHETAWAT (Student) (349 Points)
Replied 20 March 2018

where is to show loan, AL schedule , and income from salary and intt only, can I go for it sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 20 March 2018

As such ITR 1 or 2 will be applicable, (depending upon agri activities) where there is no option to file Balance Sheet and as such loan declaration not applicable......... Schedule AL is applicable only if aggregate income exceed 50 lakhs, so relax!!