Hi Friends, I am working in MNC Company. Have 6 Acre inheritance agricultural land also doing business purchase crops, Fruit from farmer & sale into market. Turnover of agriculture business is not more than 25Lace.Last week got HUF PAN Number. My question is that 1. Is purchase & sale of crops, fruit taxable business? 2. Can I include my own agricultural land crops income & expenses in HUF business & is it taxable? 3. Is profit from HUF business taxable in my own individual Salary tax return as I am Karata. 4. Which tax return needs to file for Agriculture business as turnover below 25Lace & under which business category? 5. Can I fill HUF income tax return for last two years? 6. Please share HUF agriculture P&L, BS format.Thanks in advance for valuable time & answer
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Huf agriculture p&l balancesheet & tax form
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1. Yes. 2. Yes, because Inherited property. Trading taxable. Other agricultural produce non-taxable. 3. No. 4. ITR 4S, subject to other complience; otherwise ITR4. 5. Yes, provided the date of incorporation of HUF is earlier dated. 6. Same as of Individual one.
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