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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)(iii)? |
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Ans. Any income arising to the cultivator or receiver of rent-in-kind from the sale of produce of any land (situated in India and used for agricultural purposes) is agricultural income, provided the produce should not be subjected to any process except the process ordinarily employed to render the produce fit for sale. |
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