profits from business of agricultural produce is taxable or exempt???
Neha Bhattar (none) (170 Points)
18 October 2013profits from business of agricultural produce is taxable or exempt???
Sandeep
(Junior Functional Consultant)
(67 Points)
Replied 18 October 2013
| Originally posted by : Neha Bhattar | ||
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profits from business of agricultural produce is taxable or exempt??? |
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Hi
As per my understanding it should be Taxable, Since it is not Agriculture work that ur doing, It is business of Agriculture produce.
Mohan
(Accounts Mgr)
(209 Points)
Replied 18 October 2013
The General rule is Agricultural Income is exempted from Tax liability, But considered for Tax calculation. However, you are telling
"Profits from business of agrl. produces" means it is a business exclusively with agrl. products / produces since it is taxable.
" Income from Agrl." is a very vast subject, so request pl raise ur qn in detail.
Chakravarthi K
(kchakravarthi2008@gmail.com)
(112 Points)
Replied 19 October 2013
1) IF THAT AGRL.PRODUCE IS FROM YOUR OWN / LEASEHOLD LAND, THEN NON-TAXABLE
2) IF YOU ARE DOING BUSINESS OF AGRL.PRODUCE BY PURCHASING IT FROM OTHERS THEN IT IS TAXABLE.
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