Tax Query: Treatment of ‘bullock rent’ income bl-premium-article-image

Sudhakar Sethuraman Updated - July 24, 2021 at 09:51 PM.

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I got retired from a PSU in May 2020. My earnings for FY2020-21 comprise regular salary for April 2020 and May 2020, retirement benefits (including leave encashment), regular pension from June 2020, interest income on fixed deposits, dividend income from shares and income from house property (two houses; availed housing loans and paying EMIs). Can you please advise which income tax form should I submit for AY 2021-22?

Bhaskaran S

Based on the details provided, your income includes salary, house property (2 houses with housing loan), and income from other sources. Hence, you need to file your return for FY 2020-21 using form ITR 2.

We rent our bullock for tilling the land. Although there is no service tax for the activity, could the income from be treated as business income / non agricultural income? What could be the form to be submitted before June?

Chandrasekaran

If the principal source of income is renting of bullock used for tilling the land, the same qualifies to be business income and accordingly, ‘ITR-3’ is the tax return form that needs to be used for filing the return of income.

The writer is Partner, Deloitte India

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Published on July 24, 2021 16:21