Section 8(5) in The Jammu and Kashmir Agricultural Income Tax Act, 1962
(5)Notwithstanding anything contained in the foregoing sub-section, when the assessee is a firm and the total income of the firm has been assessed under sub-section (1) or sub-section (3) or sub-section (4), as the case may be, then-(a)In the case of a registered firm, the sum payable by the firm itself shall not be determined but the total income of such partner of the firm including therein his share of his agricultural income of the previous year, shall be assessed, and the sum payable by him on the basis of such an assessment shall be determined :Provided that if such share of any partner is a loss, it shall be set off against his other income :Provided further that when any of such partners is a person not resident in the State, his share of the agricultural income of the firm shall be assessed on the firm at the rates which would be applicable if it were assessed on him personally and the sum so determined as payable shall be paid by the firm, and(b)in the case of an unregistered firm, the assessing authority may, instead of determining the sum payable by the firm itself, proceed in the manner laid down in clause (a) if, in his opinion, the aggregate amount of the agricultural income tax payable by the partners under such procedure would be greater than the aggregate amount which would by payable by the firm and partners individually if the firm were assessed as an unregistered firm.]
