26 August 2009
Can i include agricultural income earned in year 2006-07 and 2007-08 in this financial year accounts tax filling(2008-09)as i could not include the aagri income in my tax filling in previous years, as the agricultural income being tax free!! Thanx in advance
26 August 2009
The method of calculating income for those having agriculutral income is not clear to u. First add the agricultural income to the total taxable income arrive at the tax liability (A) next calculate the tax on the agriculatural income plus the basic exemption amount and deduct this from the amount (A) Strictly speaking U cannot include earlier period income in any other years income work out and c your best arithmetic
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