My income is agriculture (14 acres my own and leased 7 acres of coconut and cocoa),and rent from house of 20k per month.never filed income tax before, I have pan card it just acts as a Id proof. From my incomes from agriculture, I have invested 6 lakhs into shares last month and later on surfing net came to know that more than 1 lakh in shares per year will be issued a notice. My question is... my income is agriculture, since in agriculture leases and product selling does not happen with receipts, how can I prove income is agricultural if I have to explain to tax dept
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How to file income tax for first time with agriculture incom
Replies (1)
Even income tax people know that income and expenses in agriculture happen in cash. Just provide them the copies of agreements pertaining to lease agreement and ownership of land. Further , maintain books of accounts at least for shares , rental income etc. FILE YOUR INCOME TAX RETURN PROPERLY BY TAKING HELP OF A CA.
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