Rule 8 & chapter vi-a deductions
This query is : Resolved
10 August 2014
Rule 8 specifies that in business of tea plantations 60% is agriculture income & 40% is business. It's written that deductions under VI-A will not be against 100% of income but restricted to 40%. Can you please explain what it means? If I have income of 1lac and 40000 is business income & under VI-A I have a deduction of 50000. So how do I compute my Gross total income?
11 August 2014
it means chapter VI-A deductions shall be restricted to Rs 40000 in your case.
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