Agricultural income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2014
What is the treatment for agricultural income of a private limited company , Do there is any need to deduct the expenses for arriving such income.how the income tax is calculated when the company has both business and agricultural income?
CA SUNIL K GARG
(Expert)
01 July 2014
Agricultural income is exempt from income tax. no matter agricultural operations are done by an industrial organisation or an individual.
yes expenses are deductible.
Rule 7 deals generally wich says that in cases in which income is partially agriculture and partially from business the market value of the agricultural produce which has been raised by the assessee or received by him as rent in kind and which has been utilised as a raw material shall be deducted from the sale receipts and will be treated as agriculture income. Remaining will be treated as non agricultural income.
yes expenses are deductible.
Rule 7 deals generally wich says that in cases in which income is partially agriculture and partially from business the market value of the agricultural produce which has been raised by the assessee or received by him as rent in kind and which has been utilised as a raw material shall be deducted from the sale receipts and will be treated as agriculture income. Remaining will be treated as non agricultural income.
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