Tax on agriculture income for aop
This query is : Resolved
15 November 2014
One of the Assessee being an Association of Persons filed Income Tax Return under ITR-5 showing Income from Agriculture Rs. 2,50,000/-. It was taxed at maximum rate i. e. 30% which comes to Rs. 75,000/-. An exemption on Agriculture Income Rs. 75,000/- was claimed.
While assessment, the assessing officer has allowed deduction of 10% i.e. Rs. 25,000/- on agriculture income and tax liability of Rs. 50,000/- along-with interest U/S 234.
Kindly explain whether the action of Assessing Officer is justified as the Agriculture Income is tax free and added for Rate purpose only.
While assessment, the assessing officer has allowed deduction of 10% i.e. Rs. 25,000/- on agriculture income and tax liability of Rs. 50,000/- along-with interest U/S 234.
Kindly explain whether the action of Assessing Officer is justified as the Agriculture Income is tax free and added for Rate purpose only.
15 November 2014
It seems from the facts that the action of the AO is not justified. The assessee can appeal to the CIT(A).
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