Documente Academic
Documente Profesional
Documente Cultură
INCOME
PRESENTED BY: Deeksha Singh Chauhan (2015/B.A.LL.B./017)
Shivangi Bajpai (2015/B.A.LL.B./049)
Reasons:
1) Partition of Bihar and Orissa
2) Permanent Land Revenue system
AGRICULTURAL INCOME 2(1A)(a)
- Basic Operations
- Subsequent Operations
- Commercial Crops
Coffee grown,
cured, roasted and
grounded by the
seller in India with
7B(1A) 60% 40%
or without mixing
chicory or other
flavouring
ingredients
Mr. Jhimmi is the owner of agricultural land in India and
produces tea by spending Rs. 1,00,000. Further, Jhimmi sets
up an industrial undertaking to manufacture tea from tea
leaves so produced. Accordingly, he uses the whole
quantity of tea produce for producing tea and spends Rs,
2,00,000 as industrial expenses. He ultimately sells the tea so
produced for Rs. 5,00,000.
• Total Income = Sale proceeds of Tea — Cost of
cultivation — Industrial expenses
2,50,000-5,00,000 5%
5,00,000-10,00,000 20%
income.
• A separate income tax return form will be prescribed for such tax
payers.
95% of the genuine farmers, who would in anyway not fall under
income tax net when exemption limit becomes Rs. 1 lakh per
annum.
Should Agricultural Income be taxed?