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Fish farming treatment

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Article assistant
71 Points Posted on 28 July 2019
Last year one of relative started fish farming business ..He is a farmer and doesn't have any other income..He received all the payment in his bank a/c ..Should he file ITR as fish farming income is taxable and he has received more than 10 lakh in bank account though he has suffered loss overall
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On 28 July 2019 at 13:13 Report
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SEO Sai Gr. Hosp.
211560 Points Posted on 28 July 2019

Yes, ITR3 should be filed and the income to be declared u/h. PGBP.

581 Reply
On 28 July 2019 at 19:49
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Article assistant
71 Points Posted on 28 July 2019
is tax audit required ?
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On 28 July 2019 at 20:01
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SEO Sai Gr. Hosp.
211560 Points Posted on 28 July 2019

No, if total income is below basic exemption limit.

581 Reply
On 28 July 2019 at 20:04
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Article assistant
71 Points Posted on 28 July 2019
he has only agriculture income (which is prob more than 2.5lac) apart from business loss ..So is he required considering agriculture income is exempt
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On 28 July 2019 at 20:05
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SEO Sai Gr. Hosp.
211560 Points Posted on 28 July 2019

No, not mandatory.

581 Reply
On 28 July 2019 at 20:07
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Article assistant
71 Points Posted on 28 July 2019
ok..thank you sir for clearing my doubts
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On 28 July 2019 at 20:08


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