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Agircultural income tax on partnership firm in karnataka

Tax queries 533 views 1 replies

Hello,

 

i am from karnataka i am planning to enter into a partnership to carryout agricultural activities in karnataka itself i wanted to know if the income derived from the above activity is total exempted from tax?? we are planning to grow pomogrante in the agricultural land

is there any ceiling for maximum area which can be cultivated as per law ??

i have income from other business around 15 lakhs. so please let me know if i can get in partnership and whether the income derived is tax exempted

 

Thank you

Replies (1)

Income from agricultural operations is exempt from all kinds of taxes i.e.IT,VAT,ST etc. Many black money holders buy agricultural land to make it white by showing excessive agri -income.But when this is added to other income the slab rate rises. I have not come across any  limit to cultivating area. There are restrictions on non-farming persons to buy and own agricultural land, in all state revenue laws....mjk 


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