08 July 2019
A partnership firm having 3 partners is engaged in agricultural activities. It has got a huge land on which cultivation is done and the agricultural produce is sold in the market. Would the gains from agricultural activities of the Firm exempt U/s 10(1) of the Income tax Act. Also would like to know that whatever share of profit received by the partners of the firm is also an agricultural income and thus not taxable in the partner's hands except for tax purpose.
08 July 2019
The gains from agricultural activities of the Firm exempt U/s 10(1) of the Income tax Act.Share of profit received by the partners of the firm is also an agricultural income and thus not taxable in the partner's hands except for tax purpose.
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