If anyone having Agricultural Income is more than 20 Lacs, than which ITR Should be filled ?? Up to how much agricultural Income is exempt What kind of a documents one will have to produce if I.T. Officer asks??
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Agricultural Income more than 20 Lacs
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Quick Summary
Agricultural income is not taxable under Section 10 (1) of the Income Tax Act as it is not counted as a part of an individual's total income. However, the state government can levy tax on agricultural income if the amount exceeds Rs. 5,000 per year.
File ITR 2 if no PGBP income to declare.
In case of any income from Business or Profession along with agricultural income, file ITR3.
Agricultural income is totally tax exempt; but it is considered in total income for slab rate.
IF ANYONE HAVING AGRICULTURE INCOME ( MPRE THAN 20 LAC ) AS WELL AS SALARY INCOME UP TO 3 LAC, THAN WHICH ITR SHOULD BE SELECTED ??
ITR 2 ...............
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