Tax issue and tds

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riddhi (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

riddhi

riddhi (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 July 2014 such rental income is not agricluture income..refer definition u/s 2(IA).

riddhi

riddhi (Querist)
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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?

riddhi

riddhi (Querist)
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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?

riddhi

riddhi (Querist)
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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?

riddhi

riddhi (Querist)
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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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 July 2014 pls decribe what actually ur carrying out on the agricultural land and waht u selling?

exemption depends on that.

riddhi

riddhi (Querist)
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17 July 2014 carrying out stevia plantation

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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