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TMI Blogliable to income tax or notX X X X Extracts X X X X X X X X Extracts X X X X ..... liable to income tax or not X X X X Extracts X X X X X X X X Extracts X X X X ..... are exporting their produces after grading, sorting, preserving and packing - will the income be subjected to Income Tax or is exempted as agricultural income. Reply By Naveed S: The Reply: Sir, Tt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he definition of agricultural income also includes -- Any income accruing to the person by the performance of any process to render the produce marketable. Therefore if, in the ordinary course, a pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cess is to be employed by the cultivator himself or the landlord who receives the produce as rent-in-kind, any income derived from such a process shall be agricultural income. Hence, the process carr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied out in your case is also covered under definition of agricultural income, however as the process has been carried out a Company and not by the Cultivator/Landlord (as discussed in above para), the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refore such activity shall not fall under agricultural income. However, the views of various experts on the topic may also please be solicited. Reply By Naveed S: The Reply: Sir, Please refer to y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ou Personal messages on the issue.
Agricultural income is considered for rate purpose while computing tax of Individual/ HUF/AOP/ BOI/Artificial Judicial Person. X X X X Extracts X X X X X X X X Extracts X X X X ..... ing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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