A Partnership Firm carrying on agiculture only earned Rs.50 lakhs gross income and after incurring cultivation expenditure Rs.18 lakhs , achieved a net profit of Rs.32 Lakhs during the previous year 2011-12.Is the firm liable to file income tax return for the AY 2012-13? Will my friends kindly clarify?
Menu
Agriculture income
Replies (2)
As per Section 10 Agriculture Income is exempt from Tax.
But ,in case of Individual ,HUF, agriculture income is aggregated with other income to remove slab benefit available to following assessees
-Individual,HUF,AOP/BOI
As per Section 139(1),a firm has to file ROI in every case i.e even when its taxable income is NIL or firm is in loss.
Therefore firm has to file ROI in your case.
As per section 139(1) firm has to file return of income even if it earns a single RUpeee....
Recent Threads
- CERTIFIED FRAUD EXAMINER EXAM
- Service availed ITC query
- How do I purchase Copper Clues games in Kolkata?
- Regarding Annual Return for 23-24
- Property registration without physical PAN card
- Paying Rent in Cash: This Could Trigger an Income
- Market Down, Portfolio Down: Need suggestions for
- How much tax is payable If I withdraw my mutual fu
- GST Penalty Provisions under Section 73 vs Section
- How VFA Academy Helps Traders Build Discipline and
Related Threads
CAclubindia
