I Took A Land On Lease For Agriculture Purpose and Paid A Sum Of Money. Then Income Arise From It Will Be Taxable under PGBP Or AGRICULTURE INCOME.
Replies (2)
Quick Summary
This discussion clarifies the tax treatment of income derived from leased agricultural land. If the income generated is genuinely from agricultural activities, it is generally considered agriculture income and is exempt from income tax, rather than being taxed under the Profits and Gains from Business or Profession (PGBP) head. The thread also briefly touches upon the operational status of seed selling industries during lockdown.