Agriculture income in India is tax free, but this does not mean that farmers do not have to file ITR (Income Tax Return). If you are a farmer and have entered business like dairy, food processing, cold storage or investing your income in the stock market, then it becomes mandatory to file ITR. Filling ITR not only keeps your financial condition transparent, but it can prove to be helpful in getting many government schemes, subsidy, insurance policy and bank loans for you. If you want to take a loan for a tractor, hydroponic farming or any other agricultural technique, the bank can ask for proof of income from you – ITR becomes your strongest document. In addition, ITR is a strong evidence in an insurance claim, legal dispute, or any tax related investigation. Therefore, even though your income is agricultural based, if you are planning financial facilities, commercial expansion or investment in future, it can be very beneficial for you to file ITR.
Should farmers file ITR? Know the benefits, important things and rules. Paisa Live | Should Farmers File ITR? Know the benefits, important points and rules
