Agriculture loss can be set off against only agriculture income and can be carried forward for a period of 8 years. ( Relevant Case Law :- Ram ji Rai )
Query regarding set off of agriculture loss
Page no : 2
Shashi Bhushan
(Learner, Jalandhar)
(996 Points)
Replied 03 November 2011
Though Exempt But Because of Agricultural Income Tax Liability Increases. So reduce agricultural Income by Agricultural Loss of Previous Assessment Years.
Thanks Kaushal Sir
Ajit Shinde
(CA Final Student)
(48 Points)
Replied 30 June 2014
Can we consider agriculture loss of last year in current year for the purpose of determining tax rate??
Agricultural Income of C.Y.-Agricultural Loss Of Lat Year=Net + Other source of Income = Total Income for the purpose of Tax Rate???
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