sec 194LA is not applicable to agricultural land, hence whether the land in the nature of tank ( water logged land) , comes under the definition of agricultural land?
Menu
194la- tds on compulsory acquisition
Replies (1)
As per Circular No. 2(WT) of 1968 dt. 16/03/1968,
A LAND may be treated as Agricultural land if the following conditions are satisfied;
1. Land Revenue/Agricultural cess is paid.
2. Agricultural operations are carried out from year to year.
3. It has not been put to non-agricultural use.
So please make sure that it should be used for agricultural purpose and the land was classified in the revenue records as agricultural land.
Recent Topic
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
Related Topics
CAclubindia
