wen a firm has only agricultural income then it is not a firm in terms of section 184-
wat does tat mean..can anyone help me out..
18 Replies
CA Harbinder
(CA )
(1245 Points)
Replied 20 January 2010
if any individual has only agri income it is exempt. and in case of co. it is fully taxable. now it is not taxable inthe case of firm also.
swajitha
(ca..final)
(68 Points)
Replied 20 January 2010
i think agriculture income is not taxable even for companies.....
ANIL A MALAVADE
(Student )
(133 Points)
Replied 20 January 2010
yes Agri income is taxable in case of company, it will be taxable as business income
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 20 January 2010
Agriculture Income is not taxable to any assessee...
AMIT KUMAR
(Student)
(59 Points)
Replied 20 January 2010
it is taxable if earn by a Company because it's the business
Nihar
(Practicing Chartered Accountant)
(37 Points)
Replied 20 January 2010
Even I think it is fully exempt and there are no exeptional cases like companies (as being said above)
Whosoever is saying that it is taxable to companies, could you plz guide us with respective section / case laws if any.
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 20 January 2010
| Originally posted by : AMIT KUMAR | ||
 |
it is taxable if earn by a Company because it's the business |  |
Amit,
Agriculture is not business as per income tax act..
A company having only agriculture income vll hv no tax liability coz the whole income will be exempt u/s 10(1) which is applicable to all assessee..
Adarsh
sanjay kumar
( tax consultant)
(90 Points)
Replied 20 January 2010
AGRICULTURAL INCOME IS NOT TAXABLE FOR ALL CATEGORY OF ASSESSEE....
swajitha
(ca..final)
(68 Points)
Replied 20 January 2010
2my knowledge it is exempt from tax under section10...by its very nature it is exempt irrespective of the recepient....however for individuals,huf,aop and boi the concept of aggregation comes into picture...and not for companies and firms
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 20 January 2010
exempt u/s 10 (1) for all assessees............ even for company, firm etc..............
sanjay kumar
( tax consultant)
(90 Points)
Replied 20 January 2010
YOU ARE RIGHT TH ECONCEPT OF AGGREGATION DOES NOT APPLY TO COMPANIES ABD FIRMS....
Varun.T.K
(CA Final, CS Executive)
(365 Points)
Replied 20 January 2010
Agiculture income exempt under section 10(1).
manish
(Article Assitant)
(358 Points)
Replied 20 January 2010
Agriculture income will be exempt for individual, aop, huf, boi, firm and even companies. Agriculture does not include in the term of business according to Income tax Act.
swajitha
(ca..final)
(68 Points)
Replied 21 January 2010
the question has been diverted...i would like to know wat do we mean by it will not be treated as a firm under section 184...can any one help me out with tat sentence
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