If agriculture income is exempt already and to be mentioned in EI Schedule of itr 4 then why another agriculture income field is present in P&L schedule of itr 4 under income from other sourses.. please reply.
If agriculture income is exempt already and to be mentioned in EI Schedule of itr 4 then why another agriculture income field is present in P&L schedule of itr 4 under income from other sourses.. please reply.
Agricultural income is exempted u/s. 2(1A), provided it satisfies the conditions as per the section.
There are many other agricultural activities as follows, which are taxable.
(a) Income from poultery farming.
(b) Income from bee hiving.
(c) Income from sale of spontaneously grown trees.
(d) Income from dairy farming.
(e) Purchase of standing crop.
(f) Dividend paid by a company out of its agriculture income.
(g) Income of salt produced by flooding the land with sea water.
(h) Royalty income from mines.
(i) Income from butter and cheese making.
(j) Receipts from TV serial shooting in farm house is not agriculture income
These agriculture incomes are computed same as business income
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