Deduction of agricultural expenses from agricultural income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2018
The net total income is more than 10lakh including agricultural income of Rs. 560000. Because of the agricultural income, the other taxable income is taxed at higher slabs. Can expenses incurred to earn exempt agricultural income, such as salary, be deducted from agricultural income to reduce it and lower the tax liability ?
CA R SEETHARAMAN
(Expert)
21 August 2018
Yes expenses incurred to earn agricultural income is deductable from agricultural income.
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