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Income Tax Return

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127 Points Posted on 05 July 2018
Suppose If a person has income from bussniess which is 300000 and he also has a agriculture income which is 150000, then which ITR to be filled by him? what whould be the nature of business code for agriculture income ? and where to show the agriculture income in ITR?Is agriculture income tax free? Kindly explain in detail .Thanks in advance.
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On 05 July 2018 at 11:18 Report
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Chartered Accountant
471 Points Posted on 05 July 2018

ITR 3 for Business Income 

Show agriculture income in exempt income schedule. 

2 Reply
On 05 July 2018 at 11:29
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Student
135 Points Posted on 05 July 2018
ITR 3 should be filled. Because one can't file ITR 4 with the agricultural income in excess of ₹5,000.
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On 05 July 2018 at 11:39
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Chartered Accountant
4524 Points Posted on 05 July 2018
You are not eligible to file ITR 4 as your agriculture income exceeds Rs. 5000/-. Use ITR 3 if having business income and agriculture income above Rs. 5000/-
25 Reply
On 05 July 2018 at 11:55
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ACA ACMA
582 Points Posted on 05 July 2018

1. ITR 3 will be applicable.

2. Business code for  business related agriculture income is "01010"

3. Agricultural income must be shown under exempted income under section 10(1).

4. Total tax liability will be nil for the person since he is eligible for rebate of Rs.2500 under section 87 A.



 

3 Reply
On 05 July 2018 at 11:56


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