Deduction of profit of farmer producing company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 March 2018
Dear Sir / Madam
Kindly resolve my below mentioned Query:
Is the company who is producing oil from cotton is considered as Farmer Producing Company
And Kindly give me the definition of Farmer Producing Company as per Income Tax Act and Example of that company
Kindly resolve my below mentioned Query:
Is the company who is producing oil from cotton is considered as Farmer Producing Company
And Kindly give me the definition of Farmer Producing Company as per Income Tax Act and Example of that company
CA R SEETHARAMAN
(Expert)
18 March 2018
It will not be considered as Farmer Producing Company.
A Farmer Producer Company can be formed by any 10 or more primary producers or by two or more producer institutions, or by a contribution of both. They can undertake activities related to production, harvesting, procurement, grading, pooling, marketing, processing, etc., of agricultural produce. Non-producers seeking to invest in these companies as shareholders are precluded under the statute concerned.
A Farmer Producer Company can be formed by any 10 or more primary producers or by two or more producer institutions, or by a contribution of both. They can undertake activities related to production, harvesting, procurement, grading, pooling, marketing, processing, etc., of agricultural produce. Non-producers seeking to invest in these companies as shareholders are precluded under the statute concerned.
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