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accounting for agriclutural income

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 December 2009 I want to know that can i club my agri income with other business income & show it in P & L A/C
IN DETAILS
1. CAN I CHARGE AGRI EXP IN P&L A/C
2. CAN I CREDIT AGRI INCOME IN P&L A/C
3. IN THAT CASE MY OVER ALL PROFIT IS
FROM 2SOURCE ONE IS AGRI & ONE IS
BUSINESS.
4. IN THAT CASE MY AGRI INCOME IS ADDED
TO CAPITAL OR IT WILL CHARGABLE AS
REGULAR INCOME & NO SPECIAL TREATMENT
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
15 December 2009 I think you just have to show your agriculture income in Computatin not in your Business/Profession P&L account.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
15 December 2009 For the Income-tax rate purposes only; net agricultural income will be added.

Agricultural Income is exempt from tax.
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