20 March 2009
Please advise the tax liability and status where income earned by Corporate out of its agricultural income, in addition to the commercial income, which are lied down in the memorandum and articles.
20 March 2009
Section 10(1) exempt the agriculture income from tax. However in some cases (where the assessee is an individua, HUF, BOI, AOP or artificial juridical person) agriculture income is taken into consideration to determine the tax on non-agriculture income.
As your case is for a corporate means Company, no tax on agriculture income.
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