7A.[(1) Income derived from the sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, remilled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed from field latex or coagulum obtained from rubber plants grown … Read more
7 . (1)In the case of income which is partially agricultural income as defined in section 2 and partially income chargeable to income-tax under the head “Profits and gains of business”, in determining that part which is chargeable to income-tax the market value of any agricultural produce which has been raised by the assessee or … Read more
7B. [(1) Income derived from the sale of coffee grown and cured by the seller in India shall be computed as if it were income derived from business, and twenty-five per cent of such income shall be deemed to be income liable to tax. (1A) Income derived from the sale of coffee grown, cured, roasted … Read more
8. (1) Income derived from the sale of tea grown and manufactured by the seller in India shall be computed as if it were income derived from business, and forty per cent of such income shall be deemed to be income liable to tax. (2) In computing such income an allowance shall be made in … Read more
Provisional interest certificate are required for submit the Income Tax return at the end of every financial year. If you are employeed or a businessman with any kind of loan, you need to submit the proof of how much is the loan, how much is the principal you repayed and how much is the interest … Read more
The definition of “Agriculture Income” has been defined in “Section – 2 (1A), Income-tax Act, 1961-2015” .. this definition as per act is as follow, (1A) 1“agricultural income”2 means— (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (b) any income derived … Read more
If you have already read “Agriculture & India’s Income Tax : Part 1 – Meaning of “agricultural income” continue with this post. Question: I am a Farmer / an agriculturist. Is my income taxable ? Answer: As per section10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined … Read more
