hello,
I am a city educated person but am now into farming full time on my ancestral land. I am now in my 30s and have never worked in any other sector ever and consequently have never filed tax returns although I have pan number.
When I was 19 my mother took out 2 insurance policies in my name which became due this year giving me about 3 lakhs. Now my insurance agent informs me this income isnt taxable. Is that true?
I plan to spend some part of it on home improvement and want to invest atleast 1.5 lakhs in equity, mutual funds by way of either one time or through S.I.P. Is it permissible for a farmer earning income only from agriculture to invest in mutual funds and what are the tax implications for him?
I think agricultural income is tax free? I dont earn more than 30k from the agricultural produce annually. Please note I have no other source of income. Any income I might earn from interest on mutual funds will be non agricultural and taxed?
Which form must I fill to file my returns now based on my annual income of 30k?
