chockalingamrm (Chartered Accountant) (30 Points)
21 September 2009
Assessee is a partner in an Agricultural Coffee Estate. My querry is how to admit the agricultural share income from the Agrl.Estate ( Partnership firm) Whether to admit under exempt income (which will not attract ratepurposes)or to admit under agricultural income for rate purposes
Max Payne
(employed)
(2569 Points)
Replied 21 September 2009
Divide the composite income as provided in Rule 7B. The agriculture income u show as exempt income. The aggregating provision is required only when the assessee has to pay tax on the basis of slab rates.
Partenership, being assessed to flat rate of tax, need not aggregate agricultural incomes to its total income.
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