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
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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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