Question
Partly Agriculture Income
(5x4)
Answer :
Word Count : 489
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Skip in 10
Agricultural income is exempt from tax under Section 10(1) of the Income-tax Act, 1961. However, certain incomes are only partly agricultural and partly non-agricultural in nature. In such cases, the income must be apportioned between the agricultural and business components according to the provisions of the Income-tax Rules. The agricultural portion remains exempt from tax, while the non-agricultural portion is taxable under the head "Profits and Gains of Business or Profession." Partly agricultural income generally arises where agricultural operations are combined with manufacturing or processing activities. The income earned cannot be treated as wholly agricultural because the manufacturing
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