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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on agricultural income (Section 2(1A) and Rule 7) |
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What is the provision of Section 2(1A)(b)(ii)? |
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Ans. Any income derived by performing the marketing process by the cultivator is an agricultural income if the following conditions are fulfilled: a. The process to which the agricultural produce is subjected should be ordinarily employed by a cultivator or receiver of rent-in-kind. b. The process should be employed to render the produce fit to be taken to market and not for any other purpose.
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