Agricultural Income - Tax Treatment - Taxability - TaxGuru

11/9/2016
AgriculturalIncomeTaxtreatment/Taxability|TaxGuru
AgriculturalIncomeTaxtreatment/Taxability
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agriculturalincome.html)
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CASandeepKanoi,RiyaDani
Introduction:
AgriculturalincomeearnedbyataxpayerinIndiaisexemptunderSection10(1)oftheIncomeTaxAct,1961.Agriculturalincomeisdefined
undersection2(1A)oftheIncometaxAct.
Aspersection2(1A),agriculturalincomegenerallymeans(a)AnyrentorrevenuederivedfromlandwhichissituatedinIndiaandisused
foragriculturalpurposes.(b)Anyincomederivedfromsuchlandbyagricultureoperationsincludingprocessingofagriculturalproducesoas
torenderitfitforthemarketorsaleofsuchproduce.(c)Anyincomeattributabletoafarmhousesubjecttosatisfactionofcertainconditions
specified in this regard in section 2(1A). Any income derived from saplings or seedlings grown in a nursery shall be deemed to be
agriculturalincome.
MeaningofAgriculturalIncome:
Section2(1A)oftheIncomeTaxAct,1961definesagriculturalincomeasanincomeunderthefollowingthreesources:
(i)AnyrentorrevenuederivedfromlandwhichissituatedinIndiaandisusedforagriculturalpurposes:Theassesseewillnotbe
liabletopaytax(http://taxguru.in/incometax/paytax.html)ontherentorrevenuearisingfromagriculturallandsubjecttotheconditions:
(a) The land should either be assessed to land revenue in India or be subject to a local rate assessed and collected by officers of the
Government.
(b)Ininstanceswheresuchalandrevenueisnotassessedornotsubjecttolocalrate,thelandshouldnotbesituatedwithinthejurisdiction
ofamunicipality(whetherknownasamunicipality,municipalcorporation,notifiedareacommittee,townareacommittee,towncommitteeor
byanyothername)oracantonmentboard,andwhichhasapopulationofmorethantenthousand(accordingtothelastprecedingcensus
whichhasbeenpublishedbeforethefirstdayofthepreviousyearinwhichthesaleoflandtakesplace)oritshouldnotbesituated:
morethan2kms.fromthelocallimitsofanymunicipalityorcantonmentboardandwhichhasapopulationofmorethan10,000butnot
exceeding1,00,000or
not being more than 6kms. from the local limits of any municipality or cantonment board and which has a population of more than
1,00,000butnotexceeding10,00,000or
not being more than 8kms. from the local limits of any municipality or cantonment board and which has a population of more than
10,00,000.
(c)Therevenuemustnotincludeanyincomearisingoutoftransferofsuchland.
Further, a direct nexus between the agricultural land and the receipt of income by way of rent or revenue is essential. (For instance, a
landlordcouldreceiverevenuefromatenant.)
(ii)Anyincomederivedfromsuchlandbyagriculturaloperationsincludingprocessingofagriculturalproduce,raisedorreceivedasrentin
kindoranyprocessordinarilyemployedbycultivatororreceiverofrentinkindsoastorenderitfitforthemarket,orsaleofsuchproduce.
(iii) Any income derived from any building owned and occupied by the assessee, receiving rent or revenue from the land, by
carryingoutagriculturaloperations:Thebuildingmustbeonorintheimmediatevicinityoftheland.Itmustbeusedbytheasseseeasa
dwellinghouseorstorehouseoranoutbuilding,inconnectionwiththeland.
Hence,wecanconsiderincomeattributabletoafarmhouseasanagriculturalincome,subjecttotheaboveconditions.Normally,theannual
valueofabuildingistaxableasincomefromhouseproperty.However,inthecaseofafarmhouse,theannualvaluewouldbedeemed
agriculturalincomeandthus,beexemptfromtax.
Inadditiontotheabove,incomederivedfromsaplingsorseedlingsgrowninnurseryisalsoconsideredasagriculturalincome.
Inordertoconsideranincomeasagriculturalincome,certainpointshavetobekeptinmind:
http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html
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(i)Existenceofaland.
(ii) Usage of land for agricultural operations: Agricultural operations means efforts induced for the crop to sprout out of the land. The
ambitofagriculturalincomecoversincomefromagriculturaloperations,whichincludesprocessesundertakentomaketheproducefitfor
saleinthemarket.Both,rentorrevenuefromtheagriculturallandandincomeearnedbythecultivatororreceiverbywayofsaleofproduce
areexemptfromtaxonlyifagriculturaloperationsareperformedontheland.
(iii)CultivationofLandisamust: Some measure of cultivation is necessary for land to have been used for agricultural purposes. The
ambit of agriculture covers all land produce like grain, fruits, tea, coffee, spices, commercial crops, plantations, groves, and grasslands.
However,thebreedingoflivestock,aquaculture,dairyfarming,andpoultryfarmingonagriculturallandcannotbeconstruedasagricultural
operations.
(iv)OwnershipofLandisnotessential:Inthecaseofrentorrevenue,itisessentialthattheassesseehasaninterestintheland(asan
owneroramortgagee)tobeeligiblefortaxfreeincome.However,inthecaseofagriculturaloperations,itisnotnecessarythatthecultivator
betheowneroftheland.Hecouldbeatenantorasubtenant.Inotherwords,alltillersoflandareagriculturistsandenjoyexemptionfrom
tax.Incertaincases,furtherprocessesmaybenecessarytomakeacommoditymarketableoutofagriculturalproduce.Thesalesproceeds
insuchcasesareconsideredagriculturalincomebecausetheproducersfinalobjectiveistosellhisproducts.
Note:
a. Agricultural income is considered for rate purpose while computing the tax liability for Individual/HUF/AOP/BOI/Artificial Judicial
Person.
b.Lossesfromagriculturaloperationscouldbecarriedforwardandsetoffwithagriculturalincomeforthenexteightassessmentyears.
c.Agricultureincomeiscomputedinamannersimilartobusinessincome.
Exceptions:
a.Ifapersonsellsprocessedproducewithoutcarryingoutanyagriculturalorprocessingoperations,theincomewouldnotberegarded
asagriculturalincome.
b. Likewise, in cases where the produce is subjected to substantial processing which changes the very nature of the product (for
instance,canningoffruits),theentireoperationisnotconsideredasanagriculturaloperation.Theprofitfromthesaleofsuchprocessed
productswillhavetobeapportionedbetweenagriculturalincomeandbusinessincome.
c. Income from trees that have been cut and sold as timber is not considered as an agricultural income since there is no active
involvementinoperationslikecultivationandsoiltreatment.
Taxonsaleofagriculturalland:Before1970,profitonthesaleortransferofallagriculturallandwasconsideredrentorrevenuederived
fromtheland.Suchprofitwas,therefore,taxexemptasagriculturalincome.TherewereseveralfavorablejudgmentsofvariousHighCourts
on the issue. However, via a retrospective amendment that took effect from April 1, 1970, land qualifies to be an agricultural land if the
prescribed conditions are satisfied. An agricultural land does not form part of the definition of a capital asset and hence, there will be no
capitalgainsonthesaleofsuchland.
AnyotherlandnotformingpartoftheabovewillbeacapitalassetandsaleofthesameshallattracttaxoncapitalgainssubjecttoSection
54B,whichisexplainedbelow.
Section54B:Capitalgain(http://taxguru.in/incometax/capitalgain.html)ontransferoflandusedforagriculturalpurposesnotto
bechargedincertaincases
Section54Bgivesrelieftoataxpayerwhosellshisagriculturallandandacquiresanotheragriculturallandfromthesaleproceeds.
ConditionstobesatisfiedtoclaimthebenefitofthisSection:
a.TheassesseemustbeanindividualoraHUF.
b.Theagriculturallandshouldhavebeenusedforagriculturalpurposes.Itmaybealongtermassetorashorttermasset.
c.Itmusthavebeenusedeitherbytheassesseeorhisparentsforagriculturalpurposesinatleasttwoyearsimmediatelypreceedingthe
dateonwhichthetransferoflandtookplace.
d.Theassesseeshouldhavepurchasedanotherland,whichisbeingusedforagriculturalpurposes,withinaperiodoftwoyearsfromthe
dateofsale.
Note: In case of compulsory acquisition, the period of acquisition of new agricultural land will be determined from the date of receipt of
compensation.However,asperSection10(37),nocapitalgainwouldbechargeabletotaxincaseofanindividualorHUFifagricultural
landiscompulsorilyacquiredunderanylawandtheconsiderationofwhichisapprovedbytheCentralGovernmentorRBIandreceivedon
orafter01042004.
e.Thewholeamountofcapitalgainmustbeutilisedinthepurchaseofthenewagriculturalland.Ifnot,thedifferencebetweentheamountof
capitalgainandthenewassetwillbechargeableascapitalgainsandthetaxwillbecomputedaccordingly.
f.Thenewassetpurchasedshouldnotbesoldwithinaperiodofthreeyearsfromthedateofacquisition.
g.Ifsold,thecostofthenewassetwillbereducedbytheamountofcapitalgain(claimedasexemptionunderSection54B)forthepurpose
ofcomputingtaxoncapitalgains.
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h.Wheretheamountofcapitalgainisnotutilisedbytheassesseeforthepurchaseofthenewassetbeforetheduedateoffurnishinghis
returnofincome,hemaydeposititintheCapitalGainsAccountScheme(CGAS)ofanyspecifiedbank.
i.Thereturnofincomeoftheassesseeshouldbeaccompaniedbytheproofofsuchdeposit.
j.Insuchacase,thecostofthenewassetshallbedeemedtobetheamountalreadyutilisedbytheassesseeforthepurchaseofthenew
assettogetherwiththeamountdepositedintheCGAS.
k.Ifthedepositedamountisnotutilisedforthepurchaseofthenewassetwithinthespecifiedperiod,thentheunutilisedamountshallbe
taxedasincomeintheyearinwhichtheperiodoftwoyearsfromthedateofsaleoftheoriginalassetexpires.
TaxabilityofAgriculturalincomepostamendmentbyFinance(No.2)Act,2014
Agricultural income is considered for rate purposes while computing the income tax liability, if following two conditions are cumulatively
satisfied:
1.NetAgriculturalincomeexceedsRs.5,000/forpreviousyear,and
2.Totalincome,excludingnetAgriculturalincome,exceedsthebasicexemptionlimit.
Note:IfaggregateagriculturalincomeoftheassesseeisuptoRs.5,000/duringFY2015,thentheentireincomeshallbeexemptfromtax.
Accordingly, you need to disclose the agricultural income in the income tax return (ITR) 1 form to be compliant from the disclosure
perspective. But if the agricultural income exceeds Rs.5,000, then form ITR 2 applies, which has a separate column for disclosure of
agriculturalincome.
OncetheaforementionedconditionsaresatisfiedthenweshallcomputetheTaxliabilityinthefollowingmanner:
First,includetheAgriculturalincomewhilecomputingyourincomeTaxliability.
Example Let us say that an Individual Assessee has a Total income of INR 7,50,000/ (excluding Agricultural income) and a Net
Agricultural income of INR 100,000/. Then, per this step, Tax shall be computed on INR 7,50,000/ + INR 1,00,000/ = INR 8,50,000/.
Thus,incomeTaxamountasperthisstepshallbeINR95,000/foranindividualwhoisbelowtheageof60YearsduringtheP.Y.201415.
Second,addtheapplicablebasictaxslabbenefit,asapplicable,totheNetAgriculturalincome.Thus,perourexamplementionedabove
we shall add INR 2,50,000/ to INR 1,00,000/ as the applicable Tax slab benefit available to an individual below 60 Years of age is INR
2,50,000/.NowwewillcomputeincomeTaxonINR3,50,000/(Taxslabbenefit2,50,000+NetAgriculturalincome1,00,000).Theamount
ofTaxshallbeINR10,000/.
Third,subtracttheTaxcomputedinSecondstepfromtheTaxcomputedinFirststep=INR85,000/.Thus,thisistheincomeTaxliability
subjecttodeductions,EducationCessetc.,asapplicable.
Thisprocessofcomputationis,however,followedonlyiftheassesseesnonagriculturalincomeisinexcessofthebasicexemptionslab.
Clearly,despiteagriculturalincomebeingtaxexempt,assesseeshavetobecautiouswhiledealingwithsuchincome.Theymustmakesure
thattheyaggregateagriculturalincomewiththeirtotalincometoavoidinterestpaymentsandpossiblepenaltiesforconcealmentofincome.
Assessees must also maintain credible records to provide the tax authorities with proof of ownership of agricultural land and evidence of
havingearnedagriculturalincome.
To conclude, there is enough scope for taxing income from activities which are nonagricultural in nature. In fact, it is well known that
agriculturiststhemselvesdonothavetaxableincome,takingintoaccountthefactthatwhenitisdividedamongstfamilymemberswhoare
involved in agricultural operations, each one of them would have income within the exemption limit. However, there are hundreds of
thousandsofmiddlemenlikewholesalers,retailers,distributors,etc.whoearnsubstantialincomefromtradinginagriculturalproduceaswell
asfruits,flowers,etc.Suchincomeorprofitsarefullytaxableunderthepresentlawand,therefore,ifconcertedeffortsaremadebytheTax
Departmenttorecovertaxfromthem,theneedforwideningthetaxbasetoropeinagriculturistsandfarmers,wouldbeeliminated.
WherehaveyouseenMyAirtel
Appad?
Youtube
TV
Outdoor
Newspaper
TaxSavingTip:
Formacompanyorapartnershipfirmforthesolepurposecarryingonyouragriculturaloperations.Asindirecteffectofagriculturalincomeis
notapplicableinacompanyorafirm,thecompleteamountwouldbecomeexemptfromtaxation.
FrequentlyAskedQuestions:
1.Doesinterestonarrearsofrentqualifyasagriculturalincomeandwillthisbeexemptfromtax?
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11/9/2016
Sometimes, a tenant could slip up on rent or revenue payments (either in cash or kind) and have to pay arrears. If the landlord charges
interestonsucharrears,theincomewouldnotbeconsideredasanagriculturalincome,butwouldbedeemedincomebywayofinterestand
would, hence, be chargeable to tax. While rent presupposes periodical and predetermined payment (either in cash or kind), revenue
impliesasharingarrangementthatdependsontheactualagriculturalproduce.Ineithercase,ownershipofagriculturallandorinterestin
suchlandisessential,whichmeans,theownersofagriculturalland,tenantswhoaregivenasublease,andpeoplewhoaremortgageesof
agriculturalland,allenjoytaxfreeagriculturalincome.
2.Ifagriculturalproduceisprocessedtomakeitmarketableataplaceotherthantheagricultureland,thentheamountcharged
forsuchprocessingwillbeanagriculturalincomeornot?
AnyprocessingdoneonAgriculturalproducetomakeitmarketableisapartofagriculturaloperationsandsuchamountrecoveredwillbe
treatedasagriculturalincomeonly.Sayforexampletrashingofwheat,mustard,etcispartofagriculturaloperationsonlyandtheamount
recoveredwillbetreatedasagriculturalincomeonlynomatterprocessingtakesplaceonthelanditselforsomeotherplace.
Butincertaincaseslikeinthecaseoftea,coffee,sugarcanewhereamajorprocessing(changeofverynatureoftheproduct)isbeingdone,
thensomepartoftheprocessedproduce(tea,coffee&sugar)istaxedasnonagriculturalincomeandrestisexemptasagriculturalincome.
3.Whatifagricultureoperationiscarriedonurbanland?
Ifagriculturaloperationsarecarriedoutonland,eitherurbanorrural,theincomederivedfromsaleofsuchagriculturalproduceshallbe
treatedasagriculturalincomeandwillbeexemptfromtax.
4. If any industrial organization grows crops and sells half of the produce as raw material in the market and remaining (further
processed)asfinishedgoods,whatwillbethetaxtreatment?
Agriculturalincomeisexemptfromincometax.Itdoesnotmatterwhethertheagriculturaloperationsaredonebyanindustrialorganization
or an individual. If any industrial organization grows crops and sells half of the produce as raw material in market and remaining (further
processed)asfinishedgoods,theincomewhichisearnedonthefirsthalfofproduce(soldinmarketasrawmaterial)istotallyexemptfrom
tax.
Incaseoftheremainingproducewhichisfurtherprocessed,schemeofpresumptivetaxationisapplicable.Rule7,7A,7B&8ofIncometax
Rulesdealswithsuchtypeofincome.Rule7AdealswithIncomefrommanufactureofrubber,7BdealswithIncomefrommanufactureof
coffeeandRule8dealswithIncomefrommanufactureoftea.Rule7saysthatincaseswhereincomeispartiallyagriculturalinnatureand
partiallyfrombusiness,themarketvalueoftheagriculturalproducewhichhasbeenraisedbytheassesseeorreceivedbyhimasrentin
kindandwhichhasbeenutilisedasarawmaterial,shallbedeductedfromthesalereceiptsandwillbetreatedasagricultureincome.The
remainingwillbeconsideredasnonagriculturalincome.
5.Inmyagriculturefarm,Ihave5cowsinPune(Maharashtra).Theproductbeingmilkisthemainproduce,andnotabyproduct.
Isthisincomeanagricultureincomeorataxableincome?(ThismilkissoldtodairyproductplantinnearestCoopSociety).
Dairyfarmingisnotanagriculturalincome.
6.Whyrentonlandistreatedasagriculturalincome?
Rentreceivedfromagriculturallandusedforagriculturalpurposeistreatedasagriculturalincome.Thisisprescribedbythelaw.
7.IhaveabusinessincomeofRs3,00,000andagriculturalincomeofRs4,00,000.ThesefiguresrelatetotheAssessmentyear
201415.Howwillmytaxliabilitybecomputed?
AgriculturalincomeisexemptunderSection10(1)oftheActsolongastheincomeisderivedfromagriculturallandsituatedinIndia.This
incomeis,however,includedmerelyforratepurposesandrebateisallowedonthesameinaccordancewiththeFinanceAct.Theinclusion
ofAgriculturalincomeforratepurposeisonlyrequirediftotalincomeofanindividualexceedsRs.2,50,000/(assesseebeingagedless
than60yearsofage).
Particulars
AmountinRs.
BusinessIncome
3,00,000/
AgriculturalIncome
4,00,000/
IncomeIncludingAgriculturalIncome
7,00,000
Taxon7,00,000/
65,000/
Less:RebateonAgriculturalIncome
(TaxonRs.4,00,000+Rs.2,50,000beingbasicexemption)
55,000/
NetTaxPayable
10,000/
Add:Ed.Cess&Sec.&HigherEd.Cess@3%
300/
TotaltaxPayable
10,300/
8.CanInterestonCropLoanbeclaimedasanexemption?
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TheinterestearnedonCropLoancannotbeclaimedasanexemptionbytheproviderofloansincetheconditionofownershipoflandbeing
notessentialholdstrueonlyiftheassesseehasinterestintheland.Theprovideroftheloanmaynothaveaninterestinthelandbecauseit
may be his ordinary business to provide Crop Loan. However, the farmer to whom the crop loan is provided can claim the same as a
deductionwhilecomputinghistaxliability.
9.Ifanassesseesellsthefruitsofthetreesplantedbyhimaroundhishome,willtheincomesoearnedbeagriculturalincome?
Thetreesplantedbyhimshouldbeonalandwhichcanbeclassifiedasanagriculturallandbyfulfillingtheconditionsmentionedearlierin
thisarticle.Ifthelandisagricultural,thentheincomeearnedbysellingoffruitscanbetreatedasagriculturalincome.
10.Ihavetakencertainagriculturallandonleaseandcropsarebeinggrownonthesaidlandformanyyears.Nowthesaidland
alongwithgrowingcropshasbeenacquiredbytheGovt.TheGovt.paidseparatecompensationforthelandandthecrop.Whether
thecompensationreceivedinlieuofcropisagricultureincomeornot?Furthernotethatassesseehasnotfurtherinvestedthe
amountinagriculturelandreceivedascompensationagainstcrop.
ThecompensationpaidforthecropsbytheGovt.canbeconsideredtobeasgoodasincomeearnedbypurchaseofstandingcrop,whichis
notanagriculturalincome.Hencethecompensationagainstcropistaxableinthehandsofreceiverofthecompensation.
11.Whetherincomeearnedfromexportofagriculturalproduceisexemptfromincometax?
The conditions for considering the income as agricultural in nature have to be satisfied if the agricultural produce has to be exempt from
income tax. Middlemen dealing in trade of agricultural produce are generally not entitled to exemption due to lack of satisfaction of the
conditions.
12.IhaveanincomeofRs.1,45,000frommybusinessandanagriculturalincomeofRs.8,40,000.DoIneedtofilethereturnof
income?
Theprocessofcomputationoftaxliabilityisfollowedonlyiftheassesseesnonagriculturalincomeisinexcessofthebasicexemptionslab.
Inthiscase,theincomefrombusinessoftheassesseeislowerthanthebasicexemptionlimit.However,thereturnshavetobefiledwith
regardstothedisclosureofagriculturalincome.
13.Anassesseewantstobuyfarmswhichbearcoconuttrees,onaleaseforaperiodofoneyear.Statewhethersaleofcoconuts
issaidtobeanagriculturalincomeornot?
Thelandonwhichthecoconuttreesareplantedshouldbeanagriculturallandwhichcanbeclassifiedbyfulfillingtheconditionsmentioned
earlierinthisarticle.Ifthelandisagricultural,thentheincomeearnedbysellingofcoconutscanbetreatedasagriculturalincome.
14. I had sold an agricultural land in a rural area, which is outside jurisdiction of the Municipal Authority. Whether the sales
proceedsareexemptortaxable?
The scope of agricultural income excludes the revenue which is earned by transfer of agricultural land not falling under the definition of
Capitalassetsu/s.2(14).BydefinitionofacapitalassetunderSection2(14),anagriculturallandinanareafallingoutofjurisdictionofthe
MunicipalAuthority(whichhasapopulationofmorethan10,000),isnotacapitalasset.Section10(37)allowsincomefromtransferofsuch
alandtobeclassifiedasacapitalgainviaclause(i).UnderSection54B,acapitalgainarisingoutofthistransactionwillbeexemptprovided
theconditions(mentionedearlierinthisarticle)aresatisfied.
15.Isreceiptfromsaleofrubbertreesanagriculturalincome?
Yes,receiptofsaleofrubbertreesisanagriculturalincomeiftheconditionsforlandbeingagriculturalinnaturearesatisfied.
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141responsestoAgriculturalIncomeTaxtreatment/Taxability
1.RajeshKrissays:
November6,2016at5:07pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1896741)
Hi,Iamaprivatesectoremployeeandataxpayeeformyincome.Iwouldliketoinvestonagriculturebyformingacompanyandbuyinglandandstart
cultivatingherbsandaromaticplants.CanIfilefortaxexceptionforthiskindofinvestment?ThemoneyinvestmentIamplanningwouldbetakenasloan
fromNABARDoranyothersuchkindsofbanks.Pleaseletmeknowifanyonehasanysimilaridea/experienceaboutthis.thankyou.9642298187
rajnair76@yahoo.com(mailto:rajnair76@yahoo.com)
Reply(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html?replytocom=1896741#respond)
2.GBanarisays:
October15,2016at10:52am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1886456)
Sir,
Kudosforanexcellentarticle.Canyoupl.clarifymydoubtsasunder:
1.ifanindividualhavingsolelyagriculturalincomemorethanminimumtaxslab(ex:netagr.incomeofsay5Laks,butnootherincome)hehastofiletax
returnscompulsorily?
2.Myunderstandingisthatifwifegetsagriculturallandfromherparentsorthehusbandtransfershisagr.landpermanentlytohiswifewithproper
registrationstampdutypaid,thentheincomefromsuchlandissolelyhersandnottobeclubbedinhusbandhand.Isthiscorrect?
Thanksinadvance,
GBanari
3.BryanOscarsays:
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4.RoshanChhattanisays:
September26,2016at2:23pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment10872)
Whetherbooksarerequiredtobemaintainedforagricultureincome.
6/27
11/9/2016
5.yadwinderSinghsays:
May14,2016at3:33pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment8509)
Ihaveagriculturalincomeworth1000000fromtanents,howcanItakerebateifIhavenoagreementDoneorJFormofsoldcrops?Pleasesendthe
answertothisId:yhgill53@gmail.com(mailto:yhgill53@gmail.com)
6.premsinghsays:
April21,2016at3:01pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment7993)
Sir,Iamacentralgovt.employee.Ihavesomeagriculturallandinmyname.EveryyearIrentedoutittomyneighbour.WhatandinwhichformshouldI
keeptheproofofrentthatcouldbeshowntoincometaxauthoritiesfortheirdulysatisfaction,ifneed.
7.shivamsays:
sirihavsomeAgriculturelandwhichisreceivedbyinharitancefrommyfatherandifisoldthatlandtrhoughplotingthanwhatshallbethatax
consiquances?
8.VijaykantDsays:
February10,2016at11:54am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment6068)
sir,Iwanttostartbusinessofsellingjuicesbypurchasingrawgrapesfromfarmersandprocessitintocannedjuices.
Willthisbetreatedasagriculturalincome,ifnotwhatbestoptionicandotocountitasagricultureincome.?
Pleaseprovidewhatbestarrangementscanbedone
9.JIJAsays:
February8,2016at12:46pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment6014)
SirIhavesoldsomeAgriculturelandinFY201213inavillagebeyond8kmsofaMuncipality.WhenIsold,Ihavesoldsomecattlesandseedlingsafew
daysbeforeandthemoneywaspromptlydepositedintheBankinsteadofgeneratingasBlackmoneyingeneralcases.Ihaveclaimedcapitalgaintax
exemptiononAgriculturallandandothersasAgriculturalincome.
NowAOwantto
1.reassessvalueoftheCowsasregularincome
2.IncreasethevaluefromtheCircledvalue(guidelinevalue)totheGovt.valuedregisteredpriceonadatelat.
PleasegivemecaselawsofsalesofowngrowncowsareAgricultureincome
and
LatestrulingunderKPVargheseVsITOcase(131ITRp597(SC)whenthefullconsiderationisreceivedbeforeregistrationandtransferofpossession.
10.CAKamalKumarAgrawalsays:
January28,2016at6:26pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment5775)
siropium(afim)incomeisreceivedfromcentralgovermentistaxableornot
11.MAYANKsays:
QUERY
Akshaysays:
Ihad100cows,Isoldthem,Iwanttoknowtheincometaximplicationontheincomefromsale.
WhetherIcanshowitunderbusinessincomebytreatingitasthetradingofcows?
IfIwillhavetoshowitunderCapitalgainthenwhatwillbemycostofacquisitionfortheanimalswhicharebornandraredbyme.
12.Nikitsays:
January20,2016at10:21am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1884422)
GoodInformationSir.
Ihavesomequestions.
Apartnershipfirmisengagedinagriculturalactivitiesonly.
>Isitrequiredthatallthepartnersshouldbecontributingtosuchactivities?(imeansomepartnersarejustsharingtheprofitandnotactuallycarryingout
activity,aretheyeligibleforexemptincome?)
>Isitnecessarythatthelandshouldbeintheircoownership,orisitfineifitisinnameofoneofthepartner?
>IsitnecessaryforeachtobeAgriculturisttobeapartnerinsuchafirmgeneratingonlyexemptincome?
Anyhelporguidancewouldbehighlyappreciated!
13.ShubhamA.Patelsays:
DearSir/Madam,
PleasetellmethatTubewellIncomewhichisusedinagriculturalLandforgivingwatertotreesandplantsisconsiderasanAgriculturalIncomeornot?
WheatheritisexemptfromTaxorNot?
14.Minalsays:
Sir
Myquestionisthatwhyagriculturalincomeisnotincludedinanyoftheheadsofincome..?Itcouldhaveincludedinanyheadandthereafterexcluded.But
itdidnotfindplaceinanyhead,whyso..?
15.shobhasays:
7/27
11/9/2016
December14,2015at6:55pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1876401)
Ihavetwoquires
1.mysalaryincomeis10lakhs,Ihaveagriculturelandinmynameguiftedbymyfather,whopresentlycultivatesit.Igetapproximately4lakhs/paas
agricultureincome!cropsoldbymyfather,getsmoneytohisaccount,thenhetransfersthemoneytomyaccount.Asbillsnotinmynamecanthisbe
consideredasmyagricultureincome!Anddoesthisincomeexemptedfromincometax!?
2.myfatherinlawwantssellancestralagricultureland,whethermoneyhegetsfromsellingistaxableornot?
16.RujalShahsays:
Anagriculturalcompanypurchasesfruitsfromalocalfarmerandonlyprocessesitforsale.willitformpartofagriculturalincome?
17.SadanandSinghBhadauriasays:
November20,2015at12:24am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1868582)
DearSir
IhaveplantedBER,Semiyalataplantsin4acreagriculturallands.forpropergrowthofplantsweapplyagri.operationsi.etillage,fertigation,pesticide
spray,weedingetcalso.IamcultivatingLAContheseplantedBER&Semiyalatplants,existingkusumtreeonownagriculturallandandsomerented
kusumtreesoutside.Inlaccultivationscientificmethod(tillage,fertifation/manuring,weeding,seedinoculation,pestcontrol,harcestingetcisadoptedby
us.TheincomefromsuchtypeofscientificlaccultivationonouragriculturalfeildisAgriculturalIncomeortaxable.plssuggestus.
Thanks.
18.ravitejasays:
shorttermcapitalgain230000agriculturalincome259000incomefrombusiness320000whatistheincometaxpayableamt/
19.vikasjangrasays:
September24,2015at9:19am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1860031)
Sir,
Compensationreceivedfromgovernmentforthecropdestroyedbyhailstoneswillbetreatedasincome.whetheritwillbeexemptedfromtaxorwehave
topaythetaxonit.
20.CMAANANDsays:
Sir,
Whether,incomederivedfromlettingagriculturelandforcommercialpurposeissubecttoincometax?
21.indersays:
August28,2015at10:36am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1837872)
sir,
InF.Y.201415willget
1)NetSalary1,44,000/
2)NetAgricultureincome4,70,800/
HowmuchIhavetopaytax?Pleaseexplaincalculation.Seemoreat:http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagricultural
income.html#comment84021(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html#comment84021)
22.KIRANKRsays:
August27,2015at12:49pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1835959)
Acompanythatderivesitsincomefromsoleagricultureanditsannualincomeexceeds10lacperyearwillitbeexemptedfromtaxation.
whatkindofcompanyshouldbeformedtogetcompleteexemptionfrompayingtaxes
23.Mallikarjunasays:
DearTaxAdvisor,
Ihavejoinedbankingsectorintheyear2003andtilldate,Ihaveworkedindifferentbanksforperiodof11asofnow.Myprovidendfundaccumulated
withdrawnintheyear2014andmypreviousemployerdeductedtaxonPFwithdrawal.
Pleaseadvisemeinmycasetaxisapplicableornot.
24.Kailashsays:
Iwanttoknowthatthemaxmiumagricuturallandlimitholdbyasinglepersoninharyana.
25.Paulsonsays:
WhetherPvtLtdcompanywillgetexemptionfromagriculturalincome.Inyourarticle,companyisnotincludedandalsodividendfromcompanyearning
agriculturalincomeisnotexempt.IsleasedeedtoberegisteredinSubRegistrarofficeofagriculturallandfortenant.Isitnecessarytoprovepurchaseof
seeds,produce,workforceetc
26.r.k.gargsays:
IwantknowifIbuyapplefromShimlaandthanputoncoldstarageandaftsometimeIsaleinmarketandthatprofitwillbetaxfreeortaxble
8/27
11/9/2016
27.Vikramsays:
R/sir
IfIsoldmyagriculturelandapproximate45lakh,andthismoneyIdrawinbankforfd.canIexemptintax,pleasetellmehowmanyyearsIrebutfromtax
28.CA.JAWEDAKHTARsays:
Sir,
Pleaseprovidetheformateofleaseagreementforcontractfarming.
29.Ramakrishnasays:
July1,2015at7:24pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1736799)
DoesCropLoanInteresthassomeexemption?
30.Ramakrishnasays:
DoesInterestoncroploanhassomeexemption?
31.RaviKumarsays:
June1,2015at12:25am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1695328)
Sir,ifIsellthefruitsofthetreesplantedbymearoundmyhome,willtheincomesoearnedbeagriculturalincome?pleasereply
32.laxmansays:
howmuchincomeiexemputedonagricultureperannumwhatisthelimitthatcanbeearnedfrom1acreofland
2ifanynriorrelativesendamounttoindiaisthaamounttaxable
33.vinodgargsays:
March29,2015at4:11pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1617250)
Iplanfarmingingreenhouse(pollyhouse).Iplantogrowflowerandvegetableinthisgreenhouseforexport.Istheincomefromthisgreenistaxableor
thisisaagricultureincomewhichisexempt.pleasepostmeanswer.thanksVin
34.PrabhatShrimalisays:
DearSir,
GoodEvening..
Implanningtostartadairyandpoultryfarminfuture.Ijustwanttoknowwhatkindoftaxes(e.gIncomeTax,SalesTax)andhowmuchIllhavetopayon
certainincomeIgotfromabovefarming?
AlsowhatshouldIdoinordertogetexemptfromorreducethesetaxes?
Thanksinadvance.
PrabhatShrimali
35.S.K.Goyalsays:
Ihavetakencertainagriculturallandonleaseandgrowingcropsonthesaidlandformanyyears.Nowthesaidlandalongwithgrowingcropshasbeen
acquiredbytheGovt.TheGovtpaidseparatecompensationforthelandandthecrop.WhetherthecompensationreceivedinlieuofcropisAgriculture
Incomeornot.Furthernotethatassesseehasnotfurtherinvestedtheamountinagriculturelandreceivedascompensationagainstcrop.
S.K.Goyal
9312289953
36.karthikkumarsays:
nanpalpannaistartethannai%taxgovpaypannavendum
37.JIGNESHBRAHMBHATTsays:
IncomefromJingasales(prownze)isliableforincometaxornot.
38.venkataramanasays:
MyfatheriscultivatingthelandonNameforpast8years.Ididnotclaimtheagricultureincometillnow.NowifIwanttoclaimlast8yearsearnings,canI
doitinthisyear?
39.sridharsays:
iwantknowhowtofillFORMJ&wheretogetFORMJ
SRINIVASARAONsays:
9/27
11/9/2016
IHAVECULTIVATEDCOTTONANDSOLDCOTTONSEEDANDCOTTONLINTSEPARATELY.CANCOTTONLINTEXEMPTUNDER
AGRICULTUREINCOMEORNOT
40.mewasinghbeniwalsays:
December6,2014at9:56am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1371406)
Ibelongtoavillageandhaveagricultureincome.IhaveTermDepositsinVillageBankitself.PleaseadviseifTDSwillbedeductedagainstintereston
termdepositandmethodtosavetheTDS.Pleaserespondimmediately.
41.shashidharsays:
Incomefromexportofagriculturalproducewhetherexemptfromincometax?IfyesUndersection
Shashidhar
42.Mahaveersays:
IworkforMNCcompanyatBangaloreandIalsoown5acresforAgriculturelandwhichcametomynamefrommyParents.CanIapplyfortaxrebateon
mymymonthlysalary?
Mahaveer
43.Sriramsays:
Sir,
IhaveanincomeofRs.145000frommybusinessandanagriculturalincomeofRs.840,000.Doineedtofilethereturnofincome
44.KunalShahsays:
Ifanyonewantstobecomefarmerorpurchaseverycheapagriculturallandletmeknow.Icanhelpsavealotoftaxes
9819767612
kunal.16athotmaildotcom
45.prakharsays:
sir
myunclesoldtheagriculturelandinurbanareainf.y1213.heinvesthismoneyofnetconsiderationinpurchasesofagriculturelandbeforefillingthe
returnu/s139(1).sothathecanclaimtheexemptionu/s54B.HehasmadethepaymentthroughRTGSagainstthepurchasesofnewagriculturelandand
alsotakethepossessionofthenewagriculturelandBUTCOULDNOTregisterthislandthroughtheregistrarbypayingstampduty.
canherighttoclaimexemptionu/s54b
prakhar
46.anilksays:
Imsalariedpeson&havingtaxableincomeIwanttopurchaseagriculturallandcanIpurchaseitonmynameorwifesnameormyhufaccountpls
suggestreasonsbenefitsinincometax.regardsanilk
47.Dr.Jatinsays:
October18,2014at4:48pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment1248343)
sir..Iamplaningtostartaaquaculturefarmonamarshylandwhichiscertifieddeptoffisheries.willmyincomeonthisfarmingwillbetaxfree??
48.prakasamsays:
tamilnaduGovernmentSubsidy(fordrydistrict)taxableornontaxable
49.patilsays:
MYFRIENDHASAGRICULTURELAND50ACRESINANDHRAPRADESH&PARTNERSSELF&MRS.1)thisPARTNERSAREOKFORTHE
PARTNERSHIPFORM.2)CanPURCHASEAGRICULTURELAND.3)Retunitfileiscompulsory4)Agriculturelandcellingactsinandhrapradesh4)can
increasepartnershipmembers
50.SandeshBhoopalamsays:
SaleofSaplingsisNotanAgriculturalIncome.
51.RAJEEVsays:
RESPECTEDSIR,
MYQuestionisMudextractedfromagriculturelandandsold,Whetherconsiderationreceivedonsaleofmudofagriculturelandistaxableornot,
(agriculturelandisnoturbanagricultureland),kindlyexplain.
WithRegards,
RajeevPuri
52.Vijaysays:
10/27
11/9/2016
Irearrabbits?isthistaxable?ifitstaxablewhatpercentagetaxitattracts?
53.SACHINGARGsays:
thankyouofprovidmeinformation
54.navjotsays:
heloosirplzsoughtoutmyquerymyq.isintheincometaxactagriculturelandwillbeconsideredasanRuralAgricultureLandifitisnotsituatedany
areawithinthedistancemeasuredaeriallyofnotmorethanthelimitsgivenbyITdept.butduringthecourseofassessmentinIncomeTaxact2013what
kindofdocumentwillbeconsideredanappropriateproofthataparticularlandisruralAgricultureLand.plzhelpmeplzanswerthisquestionsir
55.BhoopathyBhaskaransays:
Sir,Ihaveanagriculturalincomeof5,00,000rslastyear.Nowtoclaimagriculturaltaxfreeincomewhataretherecieptsanddocumentsrequiredtoshow
totheincometaxofficersincaseofanyenquiryetc.
56.bhaskaravukkemsays:
sir,
wewanttotakefarmswhichhavingcoconuttreesforleaseaperiodofoneyearsaleofcoconutsisagriculturalincomeornonagriculturalincome
57.sureshguptasays:
wehave5000Sqftagriculturelandandonithave100cowandsalemilkinopenmarketisitagricultureincomeornot
58.SJEGADEESANsays:
DearSir,
Iwishtoclarifyadoubt.i.,e.APartnershipfirmdoingthebusinessofexporttheliveplants.NowitwanttofiletheITReturn.Howthatfirmcanclaimthe
exemption?i.e.whereShouldImentiontheExemptionofIncome(AgriIncome)detailsinITR5?
59.manindersays:
Sir,
ifincomefrompostofficecommissionisRs56000perannumandagricutureincomeisrs60000perannumthenwhichITRformshouldbeused?
andisitneededtoshowtheagricultureincomeinITRformwhilethetotalofincomefromcommissionandagricultureincomeislessthanRs150000?
Iamaskingthisquestioninrefrencefollowinglineinyourarticlesopleaseguide
TheinclusionofagriculturalincomeforratepurposesisonlyrequiredwherethetotalincomeexceedsRs1,50,000.
60.ChandanSinghsays:
MyassesseeishavingagodownatBarauni(Bihar).Thegodownisusedfostorageofagriculturalproduct.So,Whethertheincomederivedfromsuch
dodownistaxableornot.Pleasereply
CAChandanSingh
61.PiyushKumarsays:
sorry,
incomemyagriculturelikesaleoftreeorrentreceivedfromagriculturelandetc
62.PiyushKumarsays:
DearSir,
Iwantknowthatifwehavereceivedmanyapprox5lakhto10lakhmorthansowillwetaxbleincome.
63.jeetupatelsays:
Sir,IwantcalrificationregardingIhadsoldagriculturallandinRuralareawhichisoutsidetheMunicipleareaitisexemptortaxableifisitisexemptthan
whereIreportinMyITR3Iamapartnerinfirm.
Pl.replyurgently
64.MONANKsays:
March8,2013at12:14am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment577818)
HIWANTTOASKISTHEREANYLAWINWHICHITISBEENFIXEDIFUAREHAVING25ACRESOFLANDTHENUCANTHADANINCOMEMORE
THANTHISMUCHAMOUNTISTHEREANYFIXRATIOOFCALCULATINGINCOMEPERACRESORWHATPLEASEGUIDETHANKSANDWAITING
FORYOURREPLY
11/27
11/9/2016
65.prajaktasays:
Ineededucationloanbtmyparentsarefarmerdenhowtoproceednshowincomeaswelastax
plzzzhelpmeout
66.Mehulsays:
whereexemptionisclaimedu/s54B,andthenewAgriLandissoldwithinperiodof36months(1)forwhichyeartaxabilityarise,theyearoforiginalsale
ortheyearinwhichnewlandissold(2)AgriLandisnotcapitalasset,soifireduceCOAofnewassetbyamountofexemptiontaken(sayanyamount),
thegainshouldnotbetaxablebecauseitisnotacapitalasset(2)ifdiversionforquestion2thenunderwhichheadofincomecalculationshallbemade.
Eagerlywaitingforreply.
67.RohitPandeysays:
Sir,
imlookingforDairyfarming&HerbalProducts
pls.suggestmewhatarethesubsidyorRebateontheabove.
althoughifoundlandforthesame,tryingtogetbankloanfordairyfarming.
Ihaveapancardbutdueinstabilityofjobimnotsubmittinganyofmyreturns(201012),isitpossibletopaytaxofallpreviousyeari.e201012.
ifitispossiblebypayingpenaltiesforsamethenkindlyconfirmsme.
Thanks
68.abhisheksays:
Docompaniesengagedinthebusinessofcultivationofcashcropsneedtopayagriculturetax.
69.SHABBYSHABBIRTAIYEBALIVAKANERWALAsays:
WearefacilitatorscanhelppeoplegettingLEGALFARMERStatusbywhichheorshecanbuyanyagriculturelandinanypartofINDIAandenjoybenefits
ofpresentandpostFDIbenefitsonAGRICULTUREincomeandcapitalgains.
Regards.
Shabby.
70.Renusays:
Hi,
Ihaveafirmwhichearnsrevenuefromagriculturalactivities.MydrawingsfromthisfirmofwhichIamtheproprietor,isdepositedinasavingsaccount
whichisinmypersonalname.ThisamountearnsmesubstantialSBinterest.HowwillthisSBinterestwhichisearned,betreatedfromataxation
standpoint?
IalsohavesomeFDs(FixedDeposits)inmynamewhosesourceisagriculturalincome.HowwilltheinterestearnedfromtheseFDs,betreatedfroma
taxationstandpoint?
71.romilsays:
1whetherprofitonsaleoflivestockusedinagriculturaloperationsareliabletocapitalgainornot?
72.PradeepKumarsays:
Sir,
Ihavepurchasedagriculturalland8bighasand3biswasindelhion060601991ofRs.7,93,000/(Rupeessevenlacsnintythreethousandonly)andland
wasmutedinmynamebuton8692landwasacquiredbyDDAforresidentialtownshipDwarka.Duetoclericalmistakemylandwascategorisedlowrate
landandIgotcompensationonly3,93,000/byAWARDinOct.1994thatIwenttoHon`blecourtoflawforactualcompensation,finallynowIgot
Rs.3400000/(Thirtyfourlacs),inwhichIgotRs.2400000/(Rupeestwentyfourlacsonly)asinterestplussoletiumectandatthetimedisbursementof
amounthon`blecourtdeductedTDSattherateof10%about245000/only.
IamnotawraehowmuchtaxIhavetodepositeintheIncomeTaxorshouldIfilecapitalgain,becausenowmyland`sactulacostinmanycrores.Iam
verymuchlooser.
Ishallbeverygratefulandthankfulifyoukindlyguidemeontheabovementionedrequest.
Lookingforwardforyourfavourablereply.
Thanks&regards
PradeepKumar
73.RUPAKDHARsays:
whatisthesectionofreliefonagriculturalincome.
74.Haritsays:
12/27
11/9/2016
IfIenterintoanagreementwithlandownerofagricultureland,whereItakethelandfromthemonlease/rentbasis,paythemrentanddothe
agriculturaloperationsbymyself.Willtheincomefromthesaleoftheagricultureproduce(producedbymenmyteam),beconsideredasagricultural
incomeandexemptfromtax?
75.savithasays:
MysalaryincomeisRs.3,75,569.00andmyagricultureincomeis7,87,462.00.Whatistheamountoftaxtobepaid?
76.DhananjayDesaisays:
June4,2012at2:40pm(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment505474)
Myfathersoldagreeculturallandforruppes1400000/Shouldhepayincometax?
77.karankhansays:
DearsyamkumarithinkTaxpayourresponsibility,notaBorden
78.karankhansays:
plztellmewhenweeligibletopayforadvancetax
79.SyamKumarMandasays:
IamgoingtostartaDairyfarmVth40Buffalos.TheProjectReportwasdonefor60lacksandiamgoingtotakeloanfromSBI.Alreadyiamfilingreturns
since2008.Ihave12AcresofAgriculturallandwhichihavegotaftermyfathersdeaththrougharegisteredWILL.soeveryyeariusedtofileagricultural
incomeas1,90,000andmybusinessincomenearly2lacks.Ihavestoppedmyoldbusiness.NowiamstartingDairyfarmso,kindlyassistmewhichisthe
besttaxsavingwaytostartthedairyfarm,imeanonindividualnameorelsehavetostartonsoleproprietorbyregisteringafirmorpartnershipfirm.
kindlyassistmeasearlyaspossible.
Regards,
SyamkumarManda.
80.CHANDRASEKHAR.Bsays:
May17,2012at10:43am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment503795)
dearall,
pleaseclarifywhethertheservicetaxwillapplyfortheroyaltyonuseoftrademarkforsellingthesowingseeds(agriculturalproducts)
81.foodsays:
April26,2012at1:43am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment501540)
Hellocolleagues,itsgreatpostregardingeducationandentirelydefined,keepitup
allthetime.
82.SHASHIKUMARSINHAsays:
pleasesentsomeexampleregardingagricultureincome
83.Arunsays:
therewasthelandacquiredbygovernmenttoextendthehighwayandGOvtpaidthecompensationfortheland.Pleaseletmeknowwhetherthat
compensationistaxable?
84.clawtinsays:
RespectedTaxGuruSir
ihaveadoubtiamplanningtobuyaResidentialPlotof200SqYardsinHyderabadnearmanasanpallySirDoihavetopayANYTaxforthePLOT????
admin(http://taxguru.in)says:
No.YouonlyhavetopaystampdutyandRegistrationFees.
85.koushiksays:
sirwearetwobrothersplanningtostartadairyfarmingbusinessonmymothersagriculturalland.pleaseadviceusregardingthefollowingoptionstostart
thebusinessw.r.ttaxbenefits
1.AsHUF
2.AsaPartnership
3.InIndividualcapacities
pleasereplytomymailassoonaspossiblesir
note:theabovebusinessisonagriculturallandinruralareaandthegrossreceiptswereabout2530lakhsperannum.Alsoadviseuswhetherwe
requiretofileareturnifwestartthebusinessthisAY.
13/27
11/9/2016
86.vikassharmasays:
hello,
weareinstallingacoldstoreunitandthereisexemptionincentralexcisetaxonthepurchaseofmachineryfrommanufacturerandwehaveprovideda
bankguranteeinfavourofassistantcommissionerforthisandnowtheyareaskingfortheregistrationoffarmwithcentralexcise.Isitnecessaryto
registerthefarmwiththemasitisonlyserviceunitfortakingthebenifitofcentralexcise
87.KLSAINIsays:
SIRWHATISTHEDEFINITIONOFRURALAGRICULTURELANDFORCAPITALGAINPURPOSE.Iftherearetwoconditionsfortestingruralagriculture
landpleasetellwhethertheresarecumulativeornot
88.Riteshsays:
HelloSir,
Implanningtostartadairyandpoultryfarminfuture.Ijustwanttoknowwhatkindoftaxes(e.gIncomeTax,SalesTax)andhowmuchIllhavetopayon
certainincomeIgotfromabovefarming?AlsowhatshouldIdoinordertogetexemptfromorreducethesetaxes?
Thanksinadvance.
Ritesh
CARamanpreetSinghsays:
Taximplicationwillbethesameasincaseofanyotherbusiness.Thereisnoexemptionasregardspoultryordairyfarmingbusiness.Ifitissole
proprietorbusinessthenslabrateswillbeapplicable,iffirmorcompanythenflat30%ontaxableincome.
89.Vasishtasays:
DearSir,
Weareanagriculturecompany.Seekingfundstoexpandouroperations.Investorsarekeentoknowwhetherreturns(paybackprincipal+partofprofit
generated)areexemptedfromtax.Investorareofferedstakeinthecompany.Oncetheyexit,aretheirreturnstaxfree?Ifwepaydividendstoinvestors,
aretheseexemptedfromcentralandstatetaxes?
Thankyou/KindRegards
Vasishta
90.KLSAINIsays:
sir
plztellmethatasoldaagriculturelandistaxbleyesornot?
CARamanpreetSinghsays:
Isitruralorurban??ifruralthenitisexemptelsetaxable
91.poojavarshneysays:
incomereceivedfromlettingalandsituatedinindiawhichisusedforagriculturaloperation..isitagriculturalincome?explain.
92.Paulosesays:
ReceiptfromsaleofrubbertreesIsitagriculturalIncome?
93.narensays:
whathappenedifagricultureincomedeclaredinincometaxbutnotcomputedwithbusinessincomeandtaxpaidasperbusinessincome
Sweetysays:
Itsabsolutelyfine,butcomputationoftaxpaymentshouldbetakencareofasyoushallbebenefitedintheformofrebate.Ifnobenefitisavailed
thenkindlyreviseitrevisingthereturndoesntattractscrutinyatall.
94.NaveenKumarJMsays:
July28,2011at11:57am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment427341)
Pleaseremovethelinkforpracticalquestions.itsold&missleadsthereferingpersons
95.CASrinathKsays:
NiceOne
96.skrangasays:
14/27
11/9/2016
Hi.IsthereanylimitspecifiedforAgricultureIncometobecometaxfree.
97.lakshmaiahsays:
HicouldsomeonegivemetheslabratesonAgriculturalandNonagreculturalincome.
Thanks,
Lakshmaiah
Sweetysays:
Heyforagricultureincomethereisnothinglikeslabrateapplicablekindlyvisitgoogleushallbeavailablewithalltheslabrateswrtfinancialyear
forindividual,seniorcitizen
98.T.AugustusImmanuel(http://taxguru.in/members/taimmanuel/)says:
January28,2011at9:03am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment344191)
Isitmandatoryforapersonwhoisderivinghistotalincomefromagricultureto
a)obtainPAN
b)fileIncomeTax
c)beliabletopaytaxonInterestonBankDepositswhenitexceedsRs.10000/p.a
WhatshouldhedofornondeductionofTDSoninterestonbankdepositsevenifitexceedsRS.10000/p.a.?
99.DharmendraKumarSainisays:
Isellmyagricultureland.
1Inthetahasilwepaidstampduttyoncercleratebutwereceivedtheamountonmarketrate.Pleasetellmetheaboveamountofagriculturelandfrom
cerclerateistaxableorexemptundertheincometaxact.
100.DORAsays:
pleaseiwillyoutoassistmeonthissubject:incidenceoftaxesamongselectedartisans
101.SANTVIJAYSHUKLAsays:
iliketoknowhowtofileitrofagriculturalincome.
102.Ishaansays:
imsalemyproperty5marlawhichisingarhshankardissthushiarpuranyoneinterestedsoplzcallmeonmyno:9646931042
103.bhupipatelsays:
September23,2010at10:34am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment132050)
Requestingyoutopleasesendmetheansweronasappleaseonmyemailaddress:
Ihavegotanagriculturalland&wouldliketogiveittomyfriendtobuildhisfarmhouseathisexpenses.CanIdoitonleaseorrent.Whatwillbethetax
implimentationonthisleaseorrent.
104.debashissays:
whetheramountreceivedfromsellingoffarmhousewhichissituatedoutsidethelocallimistofMunicipalityattractssection2(14)i.e.isittotallyexempted
ornot?
Inmyviewsection2(14)isapplicableonlyforagriculturallandandnotforfarmhouse.Pleasecommentandgivereplyurgently.
105.p.tandonsays:
Sir,
Remunerationclauseu/s40(b)oftheITAct1961havebeenchangedinFY200910.
plzguideus,howwewillmadechange/addinremunerationclauseofourpresentp/deedastotakemaximumadvantageofbookprofitaswedonot
wanttofileareturnoflossinfuture?
106.sunilsharmasays:
beforetwoyearsihadpurchasedAgriculturallandandnowiwanttosaleitwithsomeprofitasaAgriculturalland.orthispropertysituatedatvilagethere
below10000populationornomunciplecorporation.
plssuggestmeifiwillbeearnsomeprofitfromthisAgriculturallandisthistaxbleornot.
107.Bhavinsays:
InF.Y.20101Iwillget
1)NetSalary3,00,972/
2)NetAgricultureincome1,10,000/(Approx)
15/27
11/9/2016
3)MyInvestmentu/s80willbe1,00,000/
4)Myinvestmentu/s80CCF(infrastructurebond)willbe20,000/
HowmuchIhavetopaytax?Pleaseexplaincalculation.
108.AmitTsays:
Hi,
IsAgricultureIncomebyaprivateltdcompanytaxableinIndia?
Wewanttoformaprivatelimitedcompanyfordoingagriculture.Pleaseadvise.
Thanksinadvance.
109.rajkacheriasays:
imstartingaripeningchamberwhereiwillbepurchasingrawfruitsfromfarmandthenripenitinmychamberandthensellingit
willthisactivitybeconsideredasasagricultureincomeinapartnershipfirm?
110.KKsays:
GREATARTICLEBUTITHAVETOCHANGENOWLIMITIS160000INSTEADOF150000RSMINIMUMEXEMPTSLAB
111.kamalgargsays:
myqueryis
theincomefromtransferofruralagriculturelandincludedinthedefinitionofagricultureincome?
hopeiwillreceiveurreplyasearlyaspossible
Ankitsays:
NOrurallandisnotcoveredwithinthedefinitionofCapitalAssethenceonitstransferprofit(capitalgain)arisingwillbeexempt/nontaxable.
112.KarunNagpalsays:
Hi,
PleaseLetmeKnowwhetherfollowingwouldbetaxableornot?
LandareaselectedforgreenhousecultivationinGarhshankar(Hoshiarpur)fallsunderclassificationofruralland.Agriculturalactivitiesarecarriedouton
adjacentlandsalso.Theprojectenvisagessettingupofnursery,greenhousesandpackhousewithatransitcoldstorageofcapacity25MT.Landwillbe
takenonleaseforoveralloperationfromcultivationtofarmgatedelivery.Postharvestmanagementinfrastructureincludingsorting/gradinghall,quality
controlroom,precooling,coldstorage,loadingandunloadingplatformwillbepartofthepackhouse.
Hitechcultivationpracticesaretobeadoptedforraisinghighvaluevegetablecrops.Highvalueexoticvegetablessuchascherryandbeeftomato,
coloredcapsicum,Europeancucumberandherbswillberaisedandinfuture,othercropscanalsobeselectedaccordingtodomesticmarketdemandand
exportopportunities.
Regards,
KarunNagpal
113.SureshPaghdarsays:
June12,2010at11:08am(http://taxguru.in/incometax/incometaxtreatmenttaxabilityofagriculturalincome.html/#comment62886)
myquerryisquestionofaddingagriandnonagriincomearisewhennonagriincomeexceedsbasicthresholdlimit.whilecalculatingnonagriincome
deductionu/s80tobedeductedorGrossincometobeconsidered?
Sweetysays:
WearerequiredtoconsidertheNetIncomeavailableafterdeductingthedeductionsavailable
114.spkhichisays:
Veryusefulandgoodarticlesir.thnxalot.
SPSINGH
115.DrSanjayAgarwalsays:
Iamhavingaprivatelimitedcompanythatisagribasedandsaleagriculturelandonwhichcompanyismakingfruitorchards.Cantheselandbe
consideredasagriland.
Sweetysays:
Youcanconsideritasanagriculturalland.Noissues.
116.DrSanjayAgarwalsays:
16/27
11/9/2016
Verygoodarticle.Itclearssomanydoubts.
117.CA.KAMESHKUMARsays:
Sir,
MyqueryisinrelationtoWealthTaxAct,1957andisasfollows:
ThisqueryrelatestoapplicationoftheprovisionsofWealthTaxprovisionstoUrbanlandusedforAgriculturalpurposes:
ThisQueryprimarilyreferstotaxabilityorotherwiseofAgriculturalLandssituatedwithinUrbanareasandbeingusedextensivelyforAgriculturalactivities.
InsuchasituationsomeoftheWealthTaxOfficers/AssistantCommissionerofWealthTax/Dy.CommissionerofWealthTax/CommissionerofWealth
Tax/CommissionerofWealthTax(Appeals)havebeenconsistentlytakingastandthatsuchAgriculturalLandsfallwiththepurveiwofWealthwithinthe
meaningofSection2(ea)(v)whichdefinesUrbanLand.ForthesakeofreadyreferencetheprovisionscontainedinSection2(ea)(v)arereproducedas
below:
WeathTaxischargeableonlyontheassetsspecifiedinSection2(ea).Section2(ea)(v)statesthat:
UrbanLand,beinglandsituatedinanyarea,withinthejurisdictionofamuncipalityoracantonementboardwhichhasapopulationofnotlessthan10000
orwithin8Kilometeresfromthelocallimitsofsuchmuncipalityoracantonementboard,astheCentralGovernmentmaynotify.
However,UrbanLandshallnotinclude:
1.Landonwhichconstructionofabuildingisnotpermissibleunderanylaworthelandonwhichbuildingisconstructedwiththeapprovalofappropriate
authority,
2.anyunusedlandheldbytheasseesseeforindustrialpurposesforaperiodoftwoyearsfromthedateofitsacquisitionbyhim,and
3.anylandheldbytheasseesseeasstockintradeforaperiodoftenyearsfromthedateofitsacquisitionbyhim
ItmaybenotedherethatConstructionofbuildingsonAgriculturalLandsexceptforasingleunitofFarmHouselessthan500Sq.metresisnot
permissibleunderthelocallawsofeachstate,
FurtherthesectionitselfisusingthetermUrbanLand,whichdoesnotsignifyAgriculturalLands.
Alsorequestyourgoodselftokindlythrowlightinveiwof:CITv.SiddarthJ.Desai(1983)139ITR628(Guj),CITv.ManilalSomnath(1977)106ITR917
(Guj).
AndChennaiHighCourtJudgementinthecaseofCWTVs.E.Udayakumar(2006)284ITR511(Mad),TaraSinghvs.DCWT(2006)97ITD482(
AmritsarTrib),CharanPaulSinghMann&JagraSinghMannVs.ACWT(ChandigarhTribunal)andITATHyderabadBenchinthecaseofPenzal
Investment&TradingCo.(P)Ltd.v.AssistantCWT(2000)75ITD39(HydTrib).InthiscasetheHyderabadTribunalreliedupon/citedvariouslandmark
judgementswhilediscussingtheissueregardstaxabilityofAgriculturalLandssituatedinUrbanareasandusedforAgriculturalpurposes.
NeedlesstosayIwouldbeeitherintouchwithyouoverTelephoneormetyouinpersonasregardsConsultancyChargesareconcerned,orIwould
requestyoutokindlysendaemailinthisregards.
Requestyourgoodselftokindlymailtheopinionontheemailaddressgivenbelow.
Regards,
CA.KAMESHKUMAR.
CHARTEREDACCOUNTANT.
KRISHNARAOANDCOMPANY,
CHARTEREDACCOUNTANTS,
AURANGABAD.431001.
TEL.NO.(OFF)02402337153/2323353
TEL.NO.(RES)02402338922
MOB.NO.+919822774427.
email:krco@bsnl.in(mailto:krco@bsnl.in)krco@sancharnet.in(mailto:krco@sancharnet.in)
118.kiransays:
hello
mymotherhadmadeawilltogivetherevenuegeneratedbysellingtheagriculturallandtome.igotaround18L.thelandisagricultural.inruralarea.
thisamtiintendedtogiveittomywifeandtransferredfrommyaccounttoheraccount.
shetookacommercialpremiseonthatmoney.
plletmeknowaboutthetax.
thankyou.
S.Santhanakrishnan,Chennaisays:
ThereisnotaxliabilityonsaleofAgri.Land.ApplicationofSaleProceedsofNonTaxableAssetsisthelibertyofthepersonandnoproblemdo
arise.
Ankitsays:
Definitely,therewillnotbeanytaxatthetimeofsaleofAgri.land.
However,sincetheKiranhastrf.hismoneywithoutanyconsiderationtohiswifehencealltheincomearisinginfuturefromthecommercial
premisespurchasedwillbeclubbedwiththeincomeoftheKiran.Pleasetakeanoteofit..
119.Pushkaraj(http://www.nisargaflora.com)says:
Iwishtoknowweatheragriculturalincomemadefromnonagriculturallandwillbetreatedasnontaxableagriculturalincome?
17/27
11/9/2016
CASandeepKanoisays:
Itwillbeexempt.
120.RajeshShettysays:
Saleofagriculaturallandtaxableornot.
S.Santhanakrishnan,Chennaisays:
SaleofAgri.LandisnotTaxableprovideitsatisfiesthefollowingconditions:
a)Wherethepopulationislessthan10,000/intheArea,theAgri.Landissituated.
b)notsituatedinanynotifiedArea.
121.VijayKumarsays:
Theauthorhasnotshedlightontheapplicabilltyofsection14AreadwithRule8Dinrespectofincomeclaimedtobeagriculturalincomebyanypersons
havingdifferentsourcesofincome,includingagriculturalincome
122.KamleshPatelsays:
Sandeep,
Thankkyouforpromptresponse.Ihadonemorequestion.
WoulditbebettertotradeaslimitedCompanyorasaPartnersheep.IfPartnersheep,isitpermitedtosetupaLLP(LimitedLiabilityPartnersheep)fora
Dairyfarm?Also,arethereanytaxadvantageswithLLP?
Regards
KamleshPatel
Gujarat
CASandeepKanoisays:
Partnershiphavelesserlegalhasslesthenlimitedcompany.ItsbettertogoforLLPorpartnershipinsteadofcompany.
shantanusays:
dearsandeep
whatwouldbetaxslabforllpinbusinessofdairyfarming?
regards
shantanu.
admin(http://taxguru.in)says:
SameasofPartnershipslabsyoucansearchonthiswebsite
123.KamleshPatelsays:
Greatarticle.
Isitcorrectthatthedairyfarmbusinessisnottaxexempteventhoughitonlysellsrawmilk(i.enotprocessedinanyway)toAmul.
IfweregisteritasLimitedCompany,woulditmeanwellhavetopay30%tax?
Weonlyhave100cows,sowerenotabigbusiness.
Iwouldbeverygreatfulforyouresponse.Ilookforwardtohearfromyou.
Regards
KamleshPatel
FromGujarat
CASandeepKanoisays:
Yes.Asprofitofcompaniesiftaxable@30%irrespectiveofprofitamountandTurnover.
LeaveaReply
Youremailaddresswillnotbepublished.Requiredfieldsaremarked*
18/27
11/9/2016
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