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how to show income
My father purchased a land 13 years ago but by black money. Now my father wants to show income from agriculture from this land so pls reffer me that how to show the money is white that Father purchased land by black money 13 years ago?

By: SUBRATA

The department can not ask the question regarding the purchase of land 13 years ago but u must posess the registry regarding purchase of land.It is automatecially white.

Since the income from agriculture land is exempt u/s 10(1) of I.T.Act, 1961, there is no need to show the income in case ur father does not have any other income(non-agriculture income) which exceeds the maximum exemption limit for the assessment year 2015-16 which is Rs. 2,50,000/-  in case of individual (other than 60 years of age or above) and HUF etc.



By: CA JAGMOHAN SINGH



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28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)