A private limited company has only income from agriculture.
This agriculture income is derived as share of income on sale of agriculture produce of a person doing agriculture. the company has no agrigulture land in its name nor has rented or leased land.
Question?
1.Is this income totally tax free in the hands of the company?
2.If so what about the expenses incurred by the company as regards maintainance of the company( audit fees office expenses roc filing fees depreciation of furniture and computors in office etc?
3 can this expenses be claimed against income from agriculture? or are these to be teated as loss during the year as there is no other income.
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