Agricultural income
This query is : Resolved
20 November 2014
Plzzzz can any one guide me about how the taxtreatment will be applied for the agricultural income by way of production or by income from lending the land.
Thanks in advance
Thanks in advance
20 November 2014
its only as per defination of agricultural income under sec 2 clause IA of income tax act.
20 November 2014
Both will be treated as agricultural income and exempted from income tax but will be added(added for rate purpose) to other taxable income to determine the tax on the taxable income.
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