Loss from Agriculture Income can be set of agasinst any othe
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2010
My one of Client (Partnership firm) having Income from Agriculture as well as from Other Business activities.
Firm having loss in Agriculture income, can he set off his loss in agriculture income against Other businee activities for Rate purpose.
Loss From agriculture activities Rs. 2,50,000/-
Profit from Business activitie Rs. 11,55,590/-
Please help me to find out tax liability of the party.....
Firm having loss in Agriculture income, can he set off his loss in agriculture income against Other businee activities for Rate purpose.
Loss From agriculture activities Rs. 2,50,000/-
Profit from Business activitie Rs. 11,55,590/-
Please help me to find out tax liability of the party.....
29 September 2010
Agriculture income is exempt u/s 10. Any loss arising out of a source which is exempt cannot be set off against income from other heads.
Agritulture loss cannot be set off against business income.
Agritulture loss cannot be set off against business income.
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