Sale of rural agriculture land, whether filing of return is

LAWYER ASSOCIATES (Querist) 04 March 2018 This query is : Resolved
Assessee has sold rural agriculture land out of notified area, its not a capital asset, whether, whether we require to file a return

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Guest (Expert) 04 March 2018
Any income, may be exempt or taxable, has to be accounted for the purpose of tax laws and shown in the ITR to be worry free for future at the time of any doubt or complaint by any opponent.
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Ms.Usha Kapoor (Expert) 05 March 2018
cquisition of urban agricultural land is exempt from tax.
If agricultural income as the only source of income, should a person file income tax return? – It is not required to file IT returns if agriculture is your only source of income. But filing Income Tax Return has its own advantage so you may consider filing your taxes.Here filing ITR is not compulsory and only optional.
Is 1% TDS on sale of agricultural land is applicable? – 1% TDS is not applicable on sale of Agricultural land.
If a an agriculturist has Agricultural income of more than Rs 5,000, which ITR form should I file? – He can consider filing in ITR 2 form.

Adv. Yogen Kakade (Expert) 05 March 2018
I agree with the experts

Dr J C Vashista (Expert) 07 March 2018
Post your accounting problems/queries/question on CA Club and not Lawyers Experts platform.

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