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Income tax for Producer Companies

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(Querist)
19 December 2020 Whether Income earned by farmer producer companies can be considered as Agriculture Income and claim Exemption u/s 10(1) of Income tax Act.
Whether MAT is applicable for Producer Companies?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 December 2020 Yes, it will be considered as agricultural income exempt from tax.
MAT is not applicable

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