Is Agricultural Income taxable in the hands of the company? The Company is the Property Developer and there is no sale of Land during the Financial year.
2 Replies
Dheeraj
(Learner)
(1100 Points)
Replied 29 July 2010
i think it should be..
as co. can only distribute its profit by the way of dividends
Member
(Management)
(325 Points)
Replied 29 July 2010
Agricultural income is not taxable. A plain reading of Section 2(1A) and 10(1) will prove this. Even as per the Constitution of India, agriculture falls under the State List and this is the reason that it is not taxable under the Income Tax Act, which is a Central legislation.
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