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How to compute Agricultural income
Sir I am an agriculturist and having income from business or professional sir I want to know that in my proper of Book of account my gross receipts from sale of agriculture products is Rs 10 lac and expenditure on agriculture is Rs 4 lac my net profit on agriculture products is Rs 6 Lac as per proper book of account maintained by me.Sir I want to know that this net profit on agriculture products comes to rs 6 Lac,the Income tax department be accepted or not.Thanks
Replies (2)
You can show your business income as well as agriculture income. In capital account you can show this.
Yes, Accepted by AO if you maintained proper books of account (along with bill/bank statement for receipt/payment of income/expenses) to the satisfaction of AO relating to your income and expenditure.
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