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
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.
CAclubindia
