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Home List Manuals Income TaxIncome Tax - Frequently Asked Questions (FAQs)FAQs on agricultural income (Section 2(1A) and Rule 7) This

Income Tax - Frequently Asked Questions (FAQs)

FAQs on agricultural income (Section 2(1A) and Rule 7)

How to determine the market value of agricultural produce where produce is ordinarily sold in the market?

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Ans. If agricultural produce is ordinarily sold in the market in its raw state or after the​ application of any process ordinarily employed by the cultivator or the receiver of rent-in-kind to render it fit for the market, the market value is determined according to the average price at which the produce has been sold during the relevant previous year.

 

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