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Tax benefits agriculture trader
Agriculture incomes are tax free, Is there any special benefit , available to vendor who sell seeds and insectides.
Is it ok to file tax return u/s 44AD
Replies (4)
income earned from sale of seeds and insecticides are not of agriculture nature hance is not tax free. however you can file your incometax return according to presumptive income provisions U/s 44AD, provided your turnover is not subject to Tax Audit.
read definition of agriculture income , said transection is not to be considered as agriculture income hence not the tax free
further any business can file return u/s 44AD provided tax audit is not applicable to him/her
further any business can file return u/s 44AD provided tax audit is not applicable to him/her
AGGRECULTURE INCOME MEANS YOU EARN INCOME BY THE AGGRECULTURE PROCESS AND USE AGGRECLUTURE LAND FOR GROSS SEEDS, THAN YOU INCOME IS TAX FREE OTHERWISE YOU INCOME IS TAXBLE
Under section 44AD, I can show minimum 8% profit in trade.
Please advice in case of partnership trading firm, after 8% profit, whether salary to partner and interest is allowed. ( i was not able to find anyoption in ITR4S)
it is ok to use ITR4, in case i want to show 5% profit for partnership and also claim interest and salary to partners.
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