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Profit on sale of Agrl. income
Sir my source of income is out of purchase and sale of grass( food of Animal) in the f y ,2016-17 my husband has been carried on the business of milk diary farming so I choose the trading of purchase sales of grass and this product purchase in cash from the agriculturist and made the cash sales to verious persons who was carried on the business of milk diary farming and to the persons who have milking for their domestic purposes in the surrounding villages and accordingly I have filed my income tax return for the F Y 2016-17 my gross receipts comes to Rs about 45.00 Lac.Sir I want to know that the income tax department has any objection to show the said business because it is an agricultural products.Sir please guide me.Thanks.
Replies (2)
Quick Summary
As per me NO income tax department has no objection to show such income
moreover are you growing the grass in your own field no as you said you purchase the Grass and then sell it simply doing the business of buying and selling of the agri products
moreover are you growing the grass in your own field no as you said you purchase the Grass and then sell it simply doing the business of buying and selling of the agri products
No notice or no question can raised by IT Department.
still in worse situation, if a IT notice received than it will not have any effect when you explain about you agriculture business.
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