ARUN KUMAR (DEPUTY GENERAL MANAGER (F&A)) 30 September 2020
Please clarify if a person sale agriculture land of rural area worth 12lakhs and received money in bank account by way of remittance from byer. In 26AS under coloum detail of SFT transaction .. SFT 004 cash deposit other than current account as deposit with financial institution reflacted. How it may shown as income or receipts in ITR and which one form used for filing ITR if other income is only 150000 i.e. sales proceeds of agriculture product like wheat, rice and vegitable
Sagar Patel (Tax and Business Consultant) 30 September 2020
1. Sale of rural agriculture land is Exempt from tax. ( I assume you received all sale proceeds in Cheque only)
2. Income of sale proceeds of agriculture products like wheat, rice and vegitables grown by you on your land, than also it's agriculture income, and Exempt from tax..
3. SFT 004 Cash deposits other than current account reflacted in 26AS is also,I think from agriculture Income, if this cash is from other sources, i.e non-agriculture than you have to reply accordingly.
4. If your All income is agriculture income, than its totally Exempt. So, you are not required to file Income tax return.