Agriculture income in itr

if a personal received agriculture income and having a proprietorship firm whether such agriculture income is a part of capital or this income is to be shown in itr of proprietor.
Replies (5)
Quick Summary
This discussion clarifies how to report agricultural income in your Income Tax Return (ITR). Agricultural income is generally shown as exempt income in your individual ITR. While accounting might treat it as profit and loss, for tax purposes, it's reported separately. You may still need to pay tax on agricultural income if your non-agricultural income exceeds the basic exemption limit.

Income required to be shown in individual ITR as exempt income.
Ok but will it be part of capital or not.
Capital
From Accounting Point of view , you may consider it P & L as Agricultural Income &

In Income Tax Computation make adjustment

Net Profit as per P & L
Less : Incomes Considered Seperate ( Related to other heads)


&

Show it under agriculture income.


You may have to pay tax on agriculture income also if non agriculture income exceeds basic exemption limit
My agriculture income is rs 92000 and income from dmat rs 56000 and income from mutual fund rs 12000 and interest from Bank savings account rs 2000 and sell a agriculture land rs 220000 . how many rupees I pay tax.

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