is partnership firm liable to pay tax on agricultural income ?
if yes . then at what rate ?
( partial integration is not applicable on partnership firm )
5 Replies
SANYAM ARORA
(“It's hard to beat a person who never gives up.”)
(20173 Points)
Replied 18 August 2011
No a Partnership firm is not required to pay tax on agricultural income
SANYAM ARORA
(“It's hard to beat a person who never gives up.”)
(20173 Points)
Replied 18 August 2011
yes partial integation is not applicable
Sanat kumar
(Chartered Accountant)
(265 Points)
Replied 19 August 2011
Hi Rohit
Under section 10(1) , agriculture income is exempt.
Partial Integration is applicable only in case of Individual and HUF. So in case of Ind/HUF , agriculture income is considered for integration.
So in case of firm, neither the agricultural income will be taxable nor it will be partially integrated with other income of the firm.
J@$preet
(Article CA-Final)
(149 Points)
Replied 19 August 2011
agreed with the same, agriculture income is exempt
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 20 August 2011
Agree with above replies.... Agriculture income will be Exempted....
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