As per sec 10(1), agricultural income is not taxable. But, taxed indirectly by aggregation provisions.
However, these aggregation principles are applicable only for Individual, HUF, AOP, BOI and artificial judicial person. It excludes company, LLP, firm and co-operative societies.
what should be tax treatment for agricultural income earned by companies?
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Agricultural income earned by companies
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As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.
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