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agricultural loan

SACHIN KHETAWAT (Student) (349 Points)

25 February 2018

how to show agricultural loan and it's interest while filling ITR, is interest is deductable as expense, but there is no so much revenue against such agricultural business.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 25 February 2018

Net agricultural income after such interest deduction...... itself is tax exempt !!!

Schedule-EI,-
Under column 4, Gross agricultural income, other than income under rule 7A (rubber), rule 7B (coffee), rule 8 (tea), is to be filled. Expenses and brought forward losses in the manner provided as per part IV of First Schedule of the relevant Finance Act may be claimed from Gross agricultural income.

Losses under this head may be carried forward and set-off against agricultural income of subsequent assessment years as per above-referred Schedule. forward and set-off against agricultural income of subsequent assessment years as per above-referred Schedule.