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Income  from Agricultural Operations

  1. Agriculture (Sale of Agricultural Produce)
  2. Income from any activity which is normally employed to make product fit to market (Like storing goods in sacks)
  3. Sale of goods by cultivator/receiver of rent in kind on which only marketing process undertaken as per (2)

 

 

 

Income from Agricultural operations - What is Agricultural Income

 

 

 

 

INCOME OF LANDLORD CAN ALSO BE FROM AGRICULTURAL OPERATIONS

AGRICULTURAL OPERATIONS LANDLORD.png

 QUESTIONS

Q1

Mr A grows rice in his farm and sells it in Market for Rs 40000

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It is Agricultural Income as it is Income derived from agricultural operations

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Q2.

Mr A gives contract to Mr B for packing rice in sacks,How is B’s income taxable.

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It is Agricultural Income as it is derived from Income from any activity which is normally employed to make product fit to market

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Q3

Mr A sells packed sacks of rice in Market

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It is Agricultural income as it is Sale of goods by cultivator/receiver of rent in kind on which only marketing process undertaken as per (2)

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  1. Income Tax
  2. Agricultural Income
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com.
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