Agricultural income
This query is : Resolved
04 June 2018
A person is getting income from salary. In addition to this he has agricultural income from a partnership firm.
As agricultural income is exempted from income tax his portion of income need to add with his salary income ?
( His salary income above 30 lakhs and adding agricultural income will increase his tax liability . )
As agricultural income is exempted from income tax his portion of income need to add with his salary income ?
( His salary income above 30 lakhs and adding agricultural income will increase his tax liability . )
04 June 2018
Agricultural income is exempt from tax. However, if a person has any other sources of income, then agricultural income to be added to his other sources of income to determine the rate of tax. Consequently, the person comes to higher slab and end up in paying more tax. This is indirect way of taxing agriculture income.
06 June 2018
Yes sir . my doubt is agricultural income from a partnership firm in which he is a partner need to add with personal income
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