16 March 2012
Dear sir, I am engaged in trading business and also having income from ancestral agriculture land. In AY 2010-11, my CA showed agriculture income with my business income, in my individual return. That lead to higher tax on my non-agriculture income. My query is that, how if, for the AY 2011-12, can I take the said agriculture income in my HUF return by appling new PAN for my HUF? Thanks in advance.
17 March 2012
Since you have already opted to tax the agricultural income in Individual file it is not open for you to change the same year after year. If it is the case of minor then at the time of majority you can do it but in your case in my opinion it is not open to take the income in the hands of your HUF
17 March 2012
YOU NEED NOT INCLUDE AGRI. INCOME OF HUF, IN YOUR INDIVIDUAL RETURN. RESJUDICATA IS NOT APPLICABLE FOR INCOME TAX RETURN. nO TAX OR PENALTY ARISES IF ON INQUIRY YOU CAN PROVE THE STATUS FOR AGRI. INCOME AS HUF.
CAclubindia
