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TMI BlogFiling of Return of Income by the Coffee growers being individuals covered by Rule 7B of the Income tax Rules, 1962 - Clarification regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... 2 lakhs or less. The Finance Act, 2005 has subsequently raised the exemption limit for individual taxpayers from Rs. 50,000 to Rs. l lakh from the Assessment year 2006-07. The exemption limit in the case of an individual, being a woman resident in India and below the age of 65 years, has been increased to Rs. 1,35,000. In the case of an individual, being a resident in India, who is of the age of 65 or more at any time during the previous year, the exemption limit has been raised to Rs. 1,85,000. 2. The Board has reconsidered the matter of filing of return by the individual coffee growers in order to provide further relief to them and it is clarified that: (i) An individual deriving income from growing and curing of coffee would not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sixty five years or more at any time during the previous year relevant to the Assessment Year 2006-07 derives income from growing and curing of coffee = Rs. 7,40,000 Other income = Nil Taxable income under Rule 7B(1) of the IT Rules, 1962 is 25% of Rs.7,40,000 = Rs.1,85,000 No return is required to be furnished. (ii) An individual deriving income from growing, curing, roasting and grounding of coffee with or without mixing chicory or other flavouring ingredients, would not be required to file the return of income if the aggregate of 40% of his income from growing, curing, roasting and grounding of coffee with or without mixing chicory or other flavouring ingredie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is required to be furnished. (d) An individual being a resident in India, who is of the age of sixty five years or more at any time during the previous year relevant to the Assessment Year 2006-07 derives income from growing, curing, roasting and grounding of coffee with or without mixing chicory or other flavoured ingredients = Rs. 4,62,500 Other income = Nil Taxable Income under Rule 7B(1) of the IT Rules, 1962 is 40% of Rs.4,62,500 = Rs. 1,85,000 No return is required to be furnished. 3. This may be brought to the notice of all concerned. [F.No. 225/36/2006-ITA-II] - Circular - Trade Notice - Public Notice - Instructions - Office orders ..... X X X X Extracts X X X X X X X X Extracts X X X X
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