rohit (nil) (48 Points)
19 August 2011process of converting sugarcane into gur shall not be considered to be ordinary process to make the agricultural produce fit for sale , accordingly income is partly agricultural & partly non agricultural
as decided in JUDICIAL DECISION
briban maharastra sugar syndicate ltd VS. CIT ( 1946 ) 14 ITR 611 ( Bom )
i want to know that what is the actual rate to be considered for agricultural income & for non agricultural income
Sanat kumar
(Chartered Accountant)
(265 Points)
Replied 19 August 2011
Hi Rohit
In this case, no particular rate is prescribed under the Income Tax Act. We have to calculate Agricultural and Non Agricultural income separately.
Eg:
1. Agricultural Activity ( Activities before Sugarcane processing, i.e cultivation )
Sugarcane proceeds (Market price) xxxx
less: Cultivation expenses xxxx
Agricultural Income xxxx
2. Non Agricultural Activity (Conversion of sugarcane)
Actual Sale proceeds xxxx
Less: Sugarcane utilised (MP) xxxx
Less: Processing expenditure xxxx
Non Agriculture Income xxxx
MOHAN VERMA
(CA FINAL)
(80 Points)
Replied 27 September 2011
how to calculate tax if.........
Gross Total Income = 140000.00/-
Agriculture Income = 680000.00/-
Can Assessee Liable to Submit return ?
CAclubindia
