Income which is partially agricultural and partially from business is calculated under Rule 7 of Income Tax Rules 1962 Income which is partially agricultural and partially from business. 7. (1) In the case of income which is partially agricultural income as defined in section 2 and partially income chargeable to income-tax under the head “Profits… Read More »
Farm building rent is taxable under section 22 (i.e., under the head income from house property) unless: (adsbygoogle = window.adsbygoogle || []).push({}); Farm building occupied by cultivator (as landlord or as a tenant) or receiver of rent in kind as landlord. Should be in immediate vicinity of agricultural land situated in India Being used as… Read More »
Meaning & Determination of Agriculture Income under Income Tax Act, 1961 Basic Condition for Considering Income as Agriculture Income The land must be used for growing all or any of the commercial crops That the income should be derived from such land by agricultural Land Must in India sale by a cultivator of the produce raised… Read More »