accounting for agriclutural income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2009
I want to know that can i club my agri income with other business income & show it in P & L A/C
IN DETAILS
1. CAN I CHARGE AGRI EXP IN P&L A/C
2. CAN I CREDIT AGRI INCOME IN P&L A/C
3. IN THAT CASE MY OVER ALL PROFIT IS
FROM 2SOURCE ONE IS AGRI & ONE IS
BUSINESS.
4. IN THAT CASE MY AGRI INCOME IS ADDED
TO CAPITAL OR IT WILL CHARGABLE AS
REGULAR INCOME & NO SPECIAL TREATMENT
IN DETAILS
1. CAN I CHARGE AGRI EXP IN P&L A/C
2. CAN I CREDIT AGRI INCOME IN P&L A/C
3. IN THAT CASE MY OVER ALL PROFIT IS
FROM 2SOURCE ONE IS AGRI & ONE IS
BUSINESS.
4. IN THAT CASE MY AGRI INCOME IS ADDED
TO CAPITAL OR IT WILL CHARGABLE AS
REGULAR INCOME & NO SPECIAL TREATMENT
Murtaza I Bhagat
(Expert)
15 December 2009
I think you just have to show your agriculture income in Computatin not in your Business/Profession P&L account.
15 December 2009
For the Income-tax rate purposes only; net agricultural income will be added.
Agricultural Income is exempt from tax.
Agricultural Income is exempt from tax.
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