Comments on: Agricultural Income – Tax treatment / Taxability

By: karan khan

karan khan — Wed, 23 May 2012 10:35:55 +0000

Dear syam kumar i think Tax pay our responsibility, not a Borden

By: karan khan

karan khan — Wed, 23 May 2012 10:32:27 +0000

plz tell me when we eligible to pay for advance tax

By: Syam Kumar Manda

Syam Kumar Manda — Tue, 22 May 2012 13:34:19 +0000

Iam going to start a Dairyfarm Vth 40 Buffalos. The Project Report was done for 60lacks and iam going to take loan from SBI. Already iam filing returns since 2008. I have 12 Acres of Agricultural land which i have got after my fathers death through a registered WILL. so every year i used to file agricultural income as 1,90,000 and my business income nearly 2lacks. I have stopped my old business. Now iam starting Dairy farm so, kindly assist me which is the best tax saving way to start the dairy farm, imean on individual name or else have to start on sole proprietor by registering a firm or partnership firm.
kindly assist me as early as possible.
Regards,
Syam kumar Manda.

By: CHANDRASEKHAR.B

CHANDRASEKHAR.B — Thu, 17 May 2012 05:13:40 +0000

dear all,

please clarify whether the service tax will apply for the royalty on use of trade mark for selling the sowing seeds (agricultural products)

By: food

food — Wed, 25 Apr 2012 20:13:19 +0000

Hello colleagues, its great post regarding education and entirely defined, keep it up
all the time.

By: SHASHI KUMAR SINHA

SHASHI KUMAR SINHA — Thu, 15 Mar 2012 11:14:34 +0000

please sent some example regarding agriculture income

By: Arun

Arun — Fri, 20 Jan 2012 14:56:05 +0000

there was the land acquired by government to extend the highway and GOvt paid the compensation for the land. Please let me know whether that compensation is taxable ?

By: admin

admin — Tue, 27 Dec 2011 23:13:21 +0000

No. You only have to pay stamp duty and Registration Fees.

By: clawtin

clawtin — Tue, 27 Dec 2011 18:36:35 +0000

Respected Tax Guru Sir

i have a doubt i am planning to buy a Residential Plot of 200 Sq Yards in Hyderabad near manasanpally Sir Do i have to pay ANY Tax for the PLOT????

By: koushik

koushik — Sat, 24 Dec 2011 14:34:35 +0000

sir we are two brothers planning to start a dairy farming business on my mothers agricultural land. please advice us regarding the following options to start the business w.r.t tax benefits
1. As HUF
2. As a Partnership
3. In Individual capacities

please reply to my mail as soon as possible sir

note: the above business is on agricultural land in rural area and the gross receipts were about 25 – 30 lakhs per annum. Also advise us whether we require to file a return if we start the business this AY.

By: vikas sharma

vikas sharma — Wed, 14 Dec 2011 12:50:09 +0000

hello, we are installing a cold store unit and there is exemption in central excise tax on the purchase of machinery from manufacturer and we have provided a bank gurantee in favour of assistant commissioner for this and now they are asking for the registration of farm with central excise . Is it necessary to register the farm with them as it is only service unit for taking the benifit of central excise

By: Sweety

Sweety — Wed, 07 Dec 2011 10:35:37 +0000

You can consider it as an agricultural land. No issues.

By: Sweety

Sweety — Wed, 07 Dec 2011 10:33:09 +0000

We are required to consider the Net Income available after deducting the deductions available

By: Sweety

Sweety — Wed, 07 Dec 2011 10:29:28 +0000

Hey for agriculture income there is nothing like slab rate applicable- kindly visit google- u shall be available with all the slab rates wrt financial year for individual, senior citizen

By: Sweety

Sweety — Wed, 07 Dec 2011 10:27:01 +0000

Its absolutely fine, but computation of tax payment should be taken care of as you shall be benefited in the form of rebate. If no benefit is availed then kindly revise it- revising the return doesn’t attract scrutiny at all.

By: K L SAINI

K L SAINI — Fri, 02 Dec 2011 11:27:31 +0000

SIR WHAT IS THE DEFINITION OF RURAL AGRICULTURE LAND FOR CAPITAL GAIN PURPOSE.If there are two conditions for testing rural agriculture land please tell whether theres are cumulative or not

By: CA Ramanpreet Singh

CA Ramanpreet Singh — Wed, 23 Nov 2011 05:56:11 +0000

Is it rural or urban?? if rural then it is exempt else taxable

By: CA Ramanpreet Singh

CA Ramanpreet Singh — Wed, 23 Nov 2011 05:54:18 +0000

Tax implication will be the same as in case of any other business.There is no exemption as regards poultry or dairy farming business.If it is sole proprietor business then slab rates will be applicable, if firm or company then flat 30% on taxable income.

By: Ritesh

Ritesh — Tue, 22 Nov 2011 11:41:17 +0000

Hello Sir,
I’m planning to start a dairy and poultry farm in future. I just want to know what kind of taxes (e.g Income Tax, Sales Tax) and how much I’ll have to pay on certain income I got from above farming? Also what should I do in order to get exempt from or reduce these taxes?

Thanks in advance.

Ritesh

By: Vasishta

Vasishta — Tue, 08 Nov 2011 13:25:55 +0000

Dear Sir,
We are an agriculture company. Seeking funds to expand our operations. Investors are keen to know whether returns (payback principal + part of profit generated) are exempted from tax. Investor are offered stake in the company. Once they exit, are their returns tax free? If we pay dividends to investors, are these exempted from central and state taxes?
Thank you / Kind Regards
Vasishta

By: K L SAINI

K L SAINI — Mon, 17 Oct 2011 16:09:29 +0000

sir
plz tell me that a sold a agriculture land is taxble yes or not?

By: pooja varshney

pooja varshney — Sun, 21 Aug 2011 19:49:26 +0000

income received from letting a land situated in india which is used for agricultural operation..is it agricultural income?explain.

By: Paulose

Paulose — Tue, 02 Aug 2011 04:06:45 +0000

Receipt from sale of rubber trees … Is it agricultural Income?

By: Ankit

Ankit — Mon, 01 Aug 2011 09:03:19 +0000

NO rural land is not covered within the definition of “Capital Asset” hence on its transfer profit(capital gain) arising will be exempt/non-taxable.

By: Ankit

Ankit — Mon, 01 Aug 2011 08:54:20 +0000

Definitely, there will not be any tax at the time of sale of Agri. land.

However, since the Kiran has trf. his money without any consideration to his wife hence all the income arising in future from the commercial premises purchased will be clubbed with the income of the Kiran. Please take a note of it..

By: naren

naren — Sat, 30 Jul 2011 11:53:42 +0000

what happened if agriculture income declared in income tax but not computed with business income and tax paid as per business income

By: S.Santhanakrishnan, Chennai

S.Santhanakrishnan, Chennai — Thu, 28 Jul 2011 06:33:29 +0000

Sale of Agri. Land is not Taxable provide it satisfies the following conditions:-
a) Where the population is less than 10,000/- in the Area, the Agri.Land is situated.
b) not situated in any notified Area.

By: S.Santhanakrishnan, Chennai

S.Santhanakrishnan, Chennai — Thu, 28 Jul 2011 06:28:30 +0000

There is no tax liability on sale of Agri.Land. Application of Sale Proceeds of Non Taxable Assets is the liberty of the person and no problem do arise.

By: Naveen Kumar JM

Naveen Kumar JM — Thu, 28 Jul 2011 06:27:05 +0000

Please remove the link for practical questions…. its old & miss leads the refering persons

By: CA Srinath K

CA Srinath K — Wed, 27 Jul 2011 05:47:00 +0000

Nice One

By: admin

admin — Sun, 24 Jul 2011 06:17:30 +0000

Same as of Partnership slabs you can search on this website

By: shantanu

shantanu — Sun, 24 Jul 2011 04:00:55 +0000

dear sandeep
what would be tax slab for llp in business of dairy farming?
regards
shantanu.

By: skranga

skranga — Thu, 14 Jul 2011 15:04:11 +0000

Hi. Is there any limit specified for Agriculture Income to become tax free.

By: lakshmaiah

lakshmaiah — Thu, 31 Mar 2011 15:59:12 +0000

Hi could some one give me the slab rates on Agricultural and Non-agrecultural income.

Thanks,
Lakshmaiah

By: T.Augustus Immanuel

T.Augustus Immanuel — Fri, 28 Jan 2011 03:33:25 +0000

Is it mandatory for a person who is deriving his total income from agriculture to
a) obtain PAN
b) file Income Tax
c) be liable to pay tax on Interest on Bank Deposits when it exceeds Rs.10000/- p.a

What should he do for non deduction of TDS on interest on bank deposits even if it exceeds RS.10000/- p.a.?

By: Dharmendra Kumar Saini

Dharmendra Kumar Saini — Mon, 27 Dec 2010 09:31:46 +0000

I sell my agriculture land.
1- In the tahasil we paid stamp dutty on cercle rate but we received the amount on market rate. Please tell me the above amount of agriculture land from cercle rate is taxable or exempt under the income tax act.

By: DORA

DORA — Mon, 20 Dec 2010 00:34:01 +0000

please i will you to assist me on this subject:incidence of taxes among selected artisans

By: SANT VIJAY SHUKLA

SANT VIJAY SHUKLA — Wed, 08 Dec 2010 10:43:54 +0000

i like to know how to file itr of agricultural income.

By: Ishaan

Ishaan — Tue, 09 Nov 2010 11:38:23 +0000

im sale my property 5 marla which is in garhshankar disst hushiarpur any one interested so plz call me on my no:9646931042

By: bhupi patel

bhupi patel — Thu, 23 Sep 2010 05:04:16 +0000

Requesting you to please send me the answer on asap please on my e mail address:
I have got an agricultural land & would like to give it to my friend to build his farm house at his expenses. Can I do it on lease or rent. What will be the tax implimentation on this lease or rent.

By: debashis

debashis — Wed, 22 Sep 2010 11:35:46 +0000

whether amount received from selling of farm house which is situated outside the local limist of Municipality attracts section 2 (14) i.e. is it totally exempted or not?
In my view section 2 (14) is applicable only for agricultural land and not for farm house. Please comment and give reply urgently.

By: p.tandon

p.tandon — Tue, 31 Aug 2010 06:32:07 +0000

Sir,
Remuneration clause u/s40(b) of the ITAct’1961 have been changed in FY2009-10.
plz guide us , how we will made change/add in remuneration clause of our present p/deed as to take maximum advantage of book profit as we do not want to file a return of loss in future?

By: sunil sharma

sunil sharma — Thu, 19 Aug 2010 09:47:19 +0000

before two years i had purchased Agricultural land and now i want to sale it with some profit as a Agricultural land. or this property situated at vilage there below 10000 population or no munciple corporation.

pls suggest me if i will be earn some profit from this Agricultural land is this taxble or not.

By: Bhavin

Bhavin — Mon, 26 Jul 2010 10:57:07 +0000

In F.Y. 2010-1 I will get
1) Net Salary-3,00,972/-
2) Net Agriculture income- 1,10,000/- (Approx)
3) My Investment u/s 80 will be 1,00,000/-
4) My investment u/s 80CCF (infra structure bond) will be 20,000/-
How much I have to pay tax? Please explain calculation.

By: Amit T

Amit T — Fri, 09 Jul 2010 12:16:41 +0000

Hi,

Is Agriculture Income by a private ltd company taxable in India?
We want to form a private limited company for doing agriculture. Please advise.

Thanks in advance.

By: raj kacheria

raj kacheria — Thu, 08 Jul 2010 07:51:22 +0000

i m starting a ripening chamber where i will be purchasing raw fruits from farm and then ripen it in my chamber and then selling it
will this activity be considered as as agriculture income in a partnership firm?

By: KK

KK — Sat, 26 Jun 2010 07:01:42 +0000

GREAT ARTICLE BUT IT HAVE TO CHANGE NOW LIMIT IS 160000 INSTEAD OF 150000 RS MINIMUM EXEMPT SLAB

By: kamal garg

kamal garg — Mon, 14 Jun 2010 14:20:28 +0000

my query is
the income from transfer of rural agriculture land included in the definition of agriculture income?

hope i will receive ur reply as early as possible

By: Karun Nagpal

Karun Nagpal — Mon, 14 Jun 2010 09:43:29 +0000

Hi,
Please Let me Know whether following would be taxable or not?

“Land area selected for greenhouse cultivation in Garhshankar (Hoshiarpur) falls under classification of rural land. Agricultural activities are carried out on adjacent lands also. The project envisages setting up of nursery, greenhouses and packhouse with a transit cold storage of capacity 25 MT. Land will be taken on lease for overall operation from cultivation to farm gate delivery. Post harvest management infrastructure including sorting/grading hall, quality control room, pre-cooling, cold storage, loading and unloading platform will be part of the packhouse.
Hi-tech cultivation practices are to be adopted for raising high value vegetable crops. High value exotic vegetables such as cherry and beef tomato, colored capsicum, European cucumber and herbs will be raised and in future, other crops can also be selected according to domestic market demand and export opportunities.”

Regards,
Karun Nagpal