For agricultural income
Manoj Kumavat (Chartered Accountant) (33 Points)
26 October 2014Manoj Kumavat (Chartered Accountant) (33 Points)
26 October 2014
Jaikishan
(CA)
(168 Points)
Replied 26 October 2014
Yes it will increase tax liability provided. The tax liability will be affected by calculating as per the formula given in income tax act for aggregation of agricultural and non agricultural income. However aggregation is applicable to all types like Individual, HUF, AOP, BOI, company and firm. However in case of company, LLP, partnership firm etc, where income is chargeable at flat rate aggregation will not have impact on tax liability.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)