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CA Umesh Sharma

CA Umesh SharmaArjuna (Fictional Character): Krishna, in last week Income Tax Department has issued forms for filling Income Tax Return for Financial Year 2014-15. Which are these Forms? What are the important things that must be considered by a common man while filling an Income Tax Return? Also explain the changes made in those Returns compared to previous year?

Krishna (Fictional Character): Arjuna, Income Tax Department has issued forms of income tax return on the basis of income and type of Assesses. Income Tax Department is trying to simplify the forms of income tax return. Every year income tax department issues ITR Forms for previous year. Due to delay in issuing forms this year due date for filling income tax return has been extended from 31st July to 31st August. It is necessary to know which form is required to be filed by the taxpayer and details required to be given in the form. Further taxpayer should know the changes that took place in the forms such as from this year details of agriculture income and expenditure is also required to be given.

Arjuna: Krishna, in which form of taxpayer should file Income Tax Return?

Krishna: Arjuna, Income Tax Department has made ITR forms on the basis of Income of Taxpayer and Type of Taxpayer. Taxpayer should file Return on that basis. Following are the Types of income tax return forms:

1)      ITR 1: ITR 1 is applicable to Individual taxpayers having Income from Salary, Income from one House Property and Income from other sources like Bank Interest.

2)      ITR 2A: From this year Income Tax Department has issued this new form.  ITR 2A is applicable to Individual or HUF’s having income from Salary and Income from one or more House Property. Those taxpayers not having Income from Capital Gains and not having assets in foreign country can file this form.

3)       ITR 2: ITR 2 is applicable to Individual or HUF’s not having Income from Business and Profession. It means taxpayers having Income from Salary, House Property, and Capital Gains and income from other source can file this type of form.

4)      ITR 3: ITR 3 is required to be filed by Individual and HUF being Partners in Partnership firm and are not having income from Business or Profession.

5)      ITR 4: taxpayers having Income from Business or Profession are required to file ITR 4. Details of income from all sources can be given in this form.

6)      ITR 4S: Small businessmen can file ITR 4S by showing Income on Presumptive Basis.

7)      ITR 5: This form is required to be filed by Partnership firms, Association of Persons and LLP.

8)      ITR 6: ITR 6 is required to be filed by Company Taxpayers.

9)      ITR 7: taxpayers registered under section 139 (4 A) to (4 D) i.e. organizations, Charitable Trusts, societies, etc. are required to file ITR 7.

Arjuna: Krishna, in this Year which changes are made in Income Tax Return?

Krishna: Arjuna, importantly, following changes are made in Income Tax Return forms:

1)      Taxpayers are required to provide details of all the Saving and Current Bank   (other than Dormant Account) that means IFSC Code of Bank, Name of Bank, Bank Account Number, Type of Bank Account etc.

2)      If taxpayer is having Aadhar Card number then it is required to be mentioned.

3)      If taxpayer is having Passport number then it is required to be mentioned.

4)      Details of Agriculture Income and Expenditure will have to be given separately. Details of Unabsorbed loss of 8 years from Agriculture are also required to be mention.

Arjuna: Krishna, What due care taxpayer should take while filling Income Tax Return more importantly in case of Agriculture income?

Tea PlantationKrishna: Arjuna, taxpayer should consider following things while filling Income Tax Return. Record of all Agriculture Income and Expenditure is required to be maintained. That means details are required to be given by preparing Trading and Profit and Loss account like businesses and details of unabsorbed loss of 8 years from agriculture will also have to be given e.g. previously if net agricultural income is Rs. 60,000/- then it was mentioned. Now in new form Gross income from agriculture Rs. 1,00,000/- less Expenditure Rs. 40,000/- and net income Rs. 60,000/- will have to be mentioned. Further all evidences of agricultural income and expenditure is required to be maintained. Agriculture income is used for calculation of tax, even though it is tax free. Further Computer Assisted Scrutiny System also select cases for scrutiny on the basis of Agricultural income declared above Rs. 10 Lakhs. Thus now Taxpayers having agriculture income needs to show more details, further ratio of expenses with respect to type of Crop, Land, etc needs to be properly maintained. Also Following things are to be followed while filing Income Tax Return:

1)      Taxpayer should verify Form 26AS that means TDS, TCS, Advance Tax credits.

2)      All bank accounts should be reconciled.

3)      Taxpayer should consider all Income earned and should provide Information of all assets held in the return.

4)      Taxpayer should maintain details of all the investments made and deduction taken u/s 80 of Income Tax Act.

Arjuna: Krishna, What Taxpayer should learn from this?

Krishna: Arjuna, Every Year Government is making changes in the income tax return to get financial information of the taxpayer. So, Income Tax Department gets all the information without any delay. So, now taxpayer should keep his all details up to date and should file Income Tax return before due date. Assessee having agricultural income needs to take special care now otherwise further inquiry may be initiated against him if accurate and justified details of agricultural income, expenses and losses, etc. not disclosed. Earlier net agricultural income details where required to be disclosed, now more details of asked for, hence take care of fallouts.

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19 responses to “Agriculture Income and Expenditure, etc more details asked in New ITR”

  1. Summit Finance says:

    Are you having one or two difficulties from other financial instrument lender? I want you to take a chance with us you will never regret doing business deal with our firm.We have direct and efficient providers.

    I am the sole (Direct) mandate to several genuine efficient providers for lease/sales BG/ SBLC and other financial instruments, at reasonable prices, Issuance by top AAA rated Bank in Europe.Presently, we focus on BG/SBLC for Lease and Sale transactions, However, our Lease BG/SBLC/MTN is 3+1% and Sale at 30%+1%.

    Should you find this interesting and acceptable? Kindly, contact us and we shall review and respond with DOA within 48hrs maximum.

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    skype: bgmandate@outlook.com

  2. Bernard Correy says:

    Are you having one or two difficulties from other financial instrument lender? I want you to take a chance with us you will never regret doing business deal with our firm.We have direct and efficient providers.

    I am the sole (Direct) mandate to several genuine efficient providers for lease/sales BG/ SBLC and other financial instruments, at reasonable prices, Issuance by top AAA rated Bank in Europe.Presently, we focus on BG/SBLC for Lease and Sale transactions, However, our Lease BG/SBLC/MTN is 3+1% and Sale at 30%+1%.

    Should you find this interesting and acceptable? Kindly, contact us and we shall review and respond with DOA within 48hrs maximum.

    Please request for full procedure details if interested.(WE MOVE FIRST)

    For further inquiry contact:

    Contact us for further detail:
    Email:~ summitfinancialplc@gmail.com
    skype: bgmandate@outlook.com

  3. SIVAJOTHI GNANATHEEVAM says:

    Dear Sir/Ma,

    We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

    Contact : Mr. SIVAJOTHI GNANATHEEVAM
    Email: leasingmandate@gmail.com
    Skype ID: leasingmandate

    Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

    Regard,
    Sivajothi

  4. Musayyab lan says:

    100% Financial BGs / SBLCs / LCs for Trade and Project Funding

    If in need of our services, contact me for detail information.

    Email: brokermusayyab@gmail.com
    Skype: brokermusayyab

  5. Mr Kim sungnyon says:

    Dear Sir/Ma
    We have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects.

    If you have need for corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.

    Thank you.
    For contacting purpose:
    Contact : Mr. Kim sungnyon
    Skype ID: kim.sungnyon
    Email : sungnyon.bgsblc@gmail.com

  6. rakhan says:

    Dear Partner/Associate.

    We have direct and efficient providers of Bank Guarantee (BG), Insurance Guarantees, MTN, Confirmable Bank Drafts, Standby Letters of Credit (SBLC) and Third Party Guarantees. If you are a potential Investor or Principal looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with details regarding these services.

    Our BG/SBLC Financing can help you get your project funded, by providing you with yearly renewable leased bank instruments. We work directly with the providers of these instruments. Leased Instruments can be obtained at minimal costs to lessor compared to other banking finance options. This offer is open to both individuals and corporate bodies.

    The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects., we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcome.
    If you are interested in seeking to raise finance for your business/projects in this way, please contact me for more information.

    Regards
    RAJESH KHANNA
    Contact: rakhan.capitalfunding@gmail.com
    Skype ID: rakhan.capitalfunding

  7. Devdutt Vyas says:

    We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.

    Below is our instrument description.

    DESCRIPTION OF INSTRUMENT:
    Instrument: Bank Guarantee (BG/SBLC).
    Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).

    Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.

    Age: One Year, One Day
    Leasing Price: 5% of Face Value plus 2% commission fees to brokers.
    Delivery: Bank to Bank SWIFT.
    Payment: MT-760.
    Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request plus our terms and procedures: If you are interested please contact me for us to proceed further

    Regards

    Devdutt Vyas
    Email: devdutt_vyas@outlook.com
    devdutt.vyas2016@gmail.com
    Skype: devdutt.vyas

  8. Richard Rana Das says:

    Sir,

    We have direct and efficient providers of Bank Guarantee (BG’s),Insurance Guarantees, MTN, Confirmable Bank Drafts, Standby Letters of Credit (SBLC) and Third Party Guarantees. If you are a potential Investor or principal looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with details regarding these services. Our BG/SBLC Financing can help you get your project funded, by providing you with yearly renewable leased bank instruments. We work directly with the providers of these instruments. Leased Instruments can be obtained at minimal costs to lessor compared to other banking finance options. This offer is open to both individuals and corporate bodies. If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We fund 100% of the face value of the financial instrument. Inquiries from agents/ brokers/ intermediaries are also welcome. If you are interested in seeking to raise finance for your business/projects in this way,

    Email: leasemandate.richdas@gmail.com
    Skype:leasemandate.richdas

    for more information and enquires

    Richard

  9. rakhan says:

    Dear Partner/Associate.

    We have direct and efficient providers of Bank Guarantee (BG), Insurance Guarantees, MTN, Confirmable Bank Drafts, Standby Letters of Credit (SBLC) and Third Party Guarantees. If you are a potential Investor or Principal looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with details regarding these services.

    Our BG/SBLC Financing can help you get your project funded, by providing you with yearly renewable leased bank instruments. We work directly with the providers of these instruments. Leased Instruments can be obtained at minimal costs to lessor compared to other banking finance options. This offer is open to both individuals and corporate bodies.

    The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects., we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcome.
    If you are interested in seeking to raise finance for your business/projects in this way, please contact me for more information.

    Regards
    RAJESH KHANNA
    Contact: rakhan.capitalfunding@gmail.com
    Skype ID: rakhan.capitalfunding

  10. uktam mambetov says:

    Dear, Partner/Associate.

    We offer Legitimately Cash & Asset Backed Financial Instruments on Lease and Sale at the best rates and with the most feasible procedures. Instruments offered can be put in all forms of trade and can be monetized or discounted for direct funding.

    We offer certifiable and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions.

    Kindly contact for genuine inquiries and I can provide you with the needed information.

    Contact:Uktam Mambetov
    Email:uktam.mambrokerage@gmail.com
    skype:uktam.mambrokerage

  11. RAMKHUMAR NARASIMHAN says:

    e have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description.

    DESCRIPTION OF INSTRUMENTS:
    1. Instrument: Bank Guarantee (BG/SBLC)
    2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD).
    3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB
    4. Age: One Year, One Day
    5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers.
    6. Delivery: Bank to Bank SWIFT.
    7. Payment: MT-103.
    8. Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request. If Interested kindly contact me
    Name: RAMKHUMAR NARASIMHAN
    Email: bgleasenarasimhan@gmail.com
    Skype: bgleasenarasimhan

    Intermediaries/Consultants/ Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

    Regards,
    RAMKHUMAR NARASIMHAN

  12. MURALIDHAR NAYAK says:

    Dear Sir/Ma

    I am direct to a project Funder who is also known as private lender they specialized in bank instrument lease and sales their funds is purely earned from private and corporate investment portfolios without criminal origin.With the group capital fund which are specifically for lease/sale in form of bank instrument. The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects.

    The bank instrument can be use for purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loan for your project or to establish line of credit with your bank. We offer Bank Guarantee , all are issue from AAA Rated bank such as Deutsche Bank, HSBC Bank, UBS Zurich, Barclay’s Bank , Standard Chartered Bank E.T.C. For more information, Endeavour to contact me as your convenient time.

    Regards
    MURALIDHAR NAYAK
    Contact: muralbonds.assets@gmail.com
    Skype ID: muralbonds.assets

  13. Devdutt Vyas says:

    We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.

    Below is our instrument description.

    DESCRIPTION OF INSTRUMENT:
    Instrument: Bank Guarantee (BG/SBLC).
    Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).

    Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.

    Age: One Year, One Day
    Leasing Price: 5% of Face Value plus 2% commission fees to brokers.
    Delivery: Bank to Bank SWIFT.
    Payment: MT-760.
    Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request plus our terms and
    procedures: If you are interested please contact me for us to proceed further

    Regards

    Devdutt Vyas
    Email: devdutt_vyas@outlook.com
    devdutt.vyas2016@gmail.com
    Skype: devdutt.vyas

  14. kim sungnyon says:

    Dear Partner/Associate,

    I am a direct Mandate to a genuinely renowned Investment Finance Company offering Cash & Asset Backed Financial Instruments such as BG/SBLC/LC/DLC on Lease and Sale at the best rates and with the most feasible procedures. Instruments offered can be put in all forms of trade and can be monetized or discounted for direct funding. We offer certifiable and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions.

    Kindly contact for genuine inquiries and I can provide you with the needed information.

    Email: sungnyon.bgsblc@gmail.com

    Skype: kim.sungnyon

    Best Regards

  15. Ramesh Iyer says:

    Sir,

    We can deliver Financial service/instrument(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.
    Once transaction is in progress, we ensure we keep you posted on the progress of your paper. We also get you connected to the provider for personalized service. Instead of stressing yourself out looking for financial instrument or company why not let professional like us deliver financial instrument to you within the time frame required by you.
    For further details contact us with the below information….

    Thank you.
    RAMESH SUBRAMANIAM IYER
    Contact: rsi.leaseconsult@gmail.com
    Skype ID: rsi.leaseconsult

  16. Ratinder Singh says:

    Dear Sir,

    I am pensioner and I received total pension Rs. 185000/- during assess 2014-15.

    I also earned agriculture income Rs. 200000/- during assess 2014-15.

    Please advise how and on which IT form I can fill return on line. Please advise on priority as today last date.

  17. Harpal Singh says:

    But what will the case if an agriculturist has only agriculture income exceeding exemption level ,wether he has to file I Tax return

  18. Gomez says:

    Dear Sir/Ma

    We have direct providers of Fresh Cut BG, SBLC and MTN which are
    specifically for lease. Our bank instrument can be engaged in PPP
    Trading, Discounting, Signature Project(s) such as Aviation,
    Agriculture, Petroleum, Telecommunication, Construction of Dams,
    Bridges, Real Estate and all kind of projects.

    If you have need for corporate loans, International project funding,
    etc. or if you have a client that requires funding for his project or
    business, We are also affiliated with lenders who specialize on
    funding against financial instruments, such as BG, SBLC, POF or MTN,
    we fund 100% of the face value of the financial instrument.

    DESCRIPTION OF INSTRUMENTS:
    1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A)
    2. Total Face Value: Eur 1 MIN and Eur 5B MAX (Five Billion USD).
    3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB
    4. Age: One Year, One Day
    5. Leasing Price: Based on the Face Value of BG/SBLC Plus (2, 0% ) Commission.
    1M – 100M: 3.0% + (0, 5% + 1, 5%)= 5%
    101M – 999M: 2, 0% + (0, 5% + x%) = x%
    1B – 5B: 1, 0% + (0, 5% + x%)= x%
    6. Delivery: SWIFT TO SWIFT.
    7. Payment: MT-103.
    if interested do not hesitate to contact Info below:
    Thank you.
    gomez Richard
    Contact: gomezfinance70@gmail.com
    Skype ID: gomezfinance75

  19. Saran Raj says:

    very useful article said in the easy manner

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