Can i have tax saving from agricutural expenses?

Tax planning 152 views 1 replies

I am working as assistant professor in a college. I spend a major share of my income for agricultural purposes in my farm which includes purchase of seeds/equipments, salary for farming assistant, electricity etc. Can I avail income tax relaxation for this amount that I spend for agriculture? Although agricultural income is insignificant for me, I consider this as a social service in a way that a farmer's family is having a steady income even if the odds for a bad agricultural output is at large. I purchased the land using my salary arrears and loans. I don't have any other income and I find it a bit difficult as my land is not an ancestral property. I love agriculture and I don't want to stop farming. Please help.

Replies (1)
Under section 14A , expences for incomes that are not taxable , are also not allowed as deductions therefore since the agricultural income is exempt under section 10 , the expences related to these are also not allowed to be deducted from anywhere ....

I personally highly appreciate your work and govt also supports you by not taxing the agricultural income hence giving benefit the other way around ...

Thanks and regards
jai deep bhola
9990652783 (WhatsApp)


CCI Pro

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