Guide to .. Tax Management ,Tax Planning and Tax Saving

‘Assessment’ of Agricultural Income

  1. ‘DEFINITION’ Of Agricultural Income

  2. Tests To Determine Agricultural Income

    • Test (A) —Income derived from land

    • Test (B)—Land is used for agricultural purposes

    • Test (C)—Land is situated in India

  3. Types Of Agricultural Income

    1. Any income received as rent or revenue from agricultural land

    2. Income derived from Agriculture

    3. Any income accruing to the person by the performance of any process to render the produce marketable

    4. Any income received by the person by the sale of produce raised or received as rent-in-kind

    5. Income from buildings used for agriculture

  4. Partly Agricultural and Partly Non-agricultural Income

    • Rule 7—General Rule [Applicable to all except Tea, Coffee and Rubber]

    • Meaning of ‘Market Value’ [Rule 7(2)].

    • Rule 7A—Growing and manufacturing of Rubber in India

    • Rule 7B—Growing and manufacturing of coffee in India

    • Case [ I ] .If coffee is grown and cured by seller [Rule 7B(I)]

    • Case [ II ] If coffee is grown, cured, roasted and grinded by the seller with or without mixing chicory or other flavouring ingredients, [Rule 7B(IA)]

    • Rule 8—Growing and manufacturing of Tea in India

  5. Illustrations Of Agricultural and Non-Agricultural Incomes

  6. Tax on Non-Agricultural Income if the Assessee has both Agricultural & Non-Agricultural Income



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