Tax implication on farmer

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2012 Hi,

If a farmer is doing farming along with business then what would be the income tax implication on him.

Does he need to pay tax for his business profits.

Could you please advise.

CA. Ramiz M. Rather

CA. Ramiz M. Rather (Expert)
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01 May 2012 Yes he has to pay tax on business income. Although,his agricutural income is exempt but still it has to be considered for determination of slab.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 Many thanks Ramiz.