process of converting sugarcane into gur shall not be considered to be ordinary process to make the agricultural produce fit for sale , accordingly income is partly agricultural & partly non agricultural
as decided in JUDICIAL DECISION
briban maharastra sugar syndicate ltd VS. CIT ( 1946 ) 14 ITR 611 ( Bom )
i want to know that what is the actual rate to be considered for agricultural income & for non agricultural income
Hi Rohit
In this case, no particular rate is prescribed under the Income Tax Act. We have to calculate Agricultural and Non Agricultural income separately.
Eg:
1. Agricultural Activity ( Activities before Sugarcane processing, i.e cultivation )
Sugarcane proceeds (Market price) xxxx
less: Cultivation expenses xxxx
Agricultural Income xxxx
2. Non Agricultural Activity (Conversion of sugarcane)
Actual Sale proceeds xxxx
Less: Sugarcane utilised (MP) xxxx
Less: Processing expenditure xxxx
Non Agriculture Income xxxx
how to calculate tax if.........
Gross Total Income = 140000.00/-
Agriculture Income = 680000.00/-
Can Assessee Liable to Submit return ?
CAclubindia
