Agriculture Income

This query is : Resolved

Murtaza I Bhagat (Querist)
Follow

04 December 2009 Dear Experts,

Do we can add Agriculture Income in Gross Income,even if its Exempted Income...?
while Prepairing Ack.

Thanks in advance

CA.Yogesh Patel

CA.Yogesh Patel (Expert)
Follow

04 December 2009 Hi,

Agriculture income is considered for rate purpose only.

It is first added in the total income to determine the slab of taxation but tax is levied on income other than agriculture income.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

04 December 2009 agree

CA Anil Jain

CA Anil Jain (Expert)
Follow

05 December 2009 Considered only for aggregation of income.
i.e for higher tax rate, but only total income excluding agriculture income is taxable.

this aggregation is applicable in case of Individual and HUF if agriculture income excedding RS. 5000/-