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Fish farming treatment
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
Replies (6)
Yes, ITR3 should be filed and the income to be declared u/h. PGBP.
is tax audit required ?
No, if total income is below basic exemption limit.
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
No, not mandatory.
ok..thank you sir for clearing my doubts
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