SEC.-33ABB (Growing and manu. of tea, coffee & rubber)
This query is : Resolved
Guest
Guest
(Querist)
01 October 2009
As per sec.33AB, deduction is available , of 40% of income or amt. deposited in NABARD w.e.l.
and also as per Rule 8, 60% is agriculture income ant rest is non agricultrue .
so, my ques. is which exemption /deduction will be claim first ?
and also as per Rule 8, 60% is agriculture income ant rest is non agricultrue .
so, my ques. is which exemption /deduction will be claim first ?
03 October 2009
i think 33AB is to be applied first , rule 8 later . as rule 8 is only applicable on income chargeable to tax.
there was a case law which stated that rule 8 is to be applied only on income chargeable to tax which was in the year 1972 , peraikaramalai tea ltd ( sorry dont remember the whole citation)
there was a case law which stated that rule 8 is to be applied only on income chargeable to tax which was in the year 1972 , peraikaramalai tea ltd ( sorry dont remember the whole citation)
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04 October 2009
well there is no hard and fast rule for claiming deduction u/s 33AB, the option which is more beneficial to the assessee in terms of savings taxes, is to be opted.
So we have to consider both the option i.e either first claim deduction u/s 33AB and then apply 60-40 rule or apply 60-40 rule and then claim deduction u/s 33AB.
So we have to consider both the option i.e either first claim deduction u/s 33AB and then apply 60-40 rule or apply 60-40 rule and then claim deduction u/s 33AB.
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