Tax issue and tds
This query is : Resolved
17 July 2014
If I pay rent to a farmer who is having 7/12 agreement then my rent expense will be taxable and rental income for him will be exempt as agricultural income and also I will deduct tds u/s 194C @ 10%
Is this treatment correct?
Also now we will maintain the land so the income generated from it will be exempt? like selling of ayurvedic plants,cashew nuts , rubber etc
Is this treatment correct?
Also now we will maintain the land so the income generated from it will be exempt? like selling of ayurvedic plants,cashew nuts , rubber etc
17 July 2014
rent income is not agricultural income hence it is taxable.
why u want to deduct tds u/s 194C when sec 194I is there in case of rent.
why u want to deduct tds u/s 194C when sec 194I is there in case of rent.
17 July 2014
oops u/s 194I and rental income for farmer on which agriculture operations will be carried out so exempt under income tax act
17 July 2014
such rental income is not agricluture income..refer definition u/s 2(IA).
17 July 2014
and also now I am carrying out agriculture operations on the land which I took on rent from farmer so whatever I sell i.e. plants and other raw materials etc will be exempt for me?
17 July 2014
and also now I am carrying out agriculture operations on the land which I took on rent from farmer so whatever I sell i.e. plants and other raw materials etc will be exempt for me?
17 July 2014
and also now I am carrying out agriculture operations on the land which I took on rent from farmer so whatever I sell i.e. plants and other raw materials etc will be exempt for me?
17 July 2014
and also now I am carrying out agriculture operations on the land which I took on rent from farmer so whatever I sell i.e. plants and other raw materials etc will be exempt for me?
17 July 2014
pls decribe what actually ur carrying out on the agricultural land and waht u selling?
exemption depends on that.
exemption depends on that.
17 July 2014
so what final product is sold out does it fit in agricultral income definition u/s 2(IA) just check it out.
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