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.....
CA Suraj Lakhotia
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
