MudraMantri (Wantapreneur) (491 Points)
22 September 2010
The agricultural income of an assessee is aggregated with non agriculture income for computation of income tax.if the assessee has incurred a loss in agriculture, in that case his agri income will be considered or not?
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 22 September 2010
Dear yuvraj,
Aggregation of agricultural income for rate purposes is not required if the agri income does not exceed Rs.5000 during the P.Y.
Renu (Article)
(Accountant)
(77 Points)
Replied 23 September 2010
loss not aggregated income will be aggregated only if it is more than rs. 5000 in P.Y.
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 23 September 2010
| Originally posted by : Renu (Article) | ||
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loss not aggregated income will be aggregated only if it is more than rs. 5000 in P.Y. |
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Dinesh Kumar Agarwal
(Article clerk)
(117 Points)
Replied 23 September 2010
loss is considered as negative income and hence less than 5000 and not required to aggregation
CAclubindia
