Question

distinguished between agriculture income and partly agriculture income with example​

Answer 1

Agriculture income vs partly agriculture income are described below.

Explanation:

1. Agricultural income is the income earned or revenue derived from sources that include farming land, buildings on or identified with an agricultural land and commercial produce from a horticultural land. Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961.

2. Partly agricultural income consists of both the element of agriculture and business, so non agricultural part of the income is taxed. Eg:- Mr. X cultivating sugar cane at the same time he has a sugar mill for making sugar by using his own sugar cane.

3. Types of agricultural incomes are :

• Any income received as rent or revenue from agricultural land.
• Income derived from Agriculture.
• Any income accruing to the person by the performance of any process to render the produce marketable.

Partly Agricultural income is defined under section 2(1A) of the Income-tax Act. As per this section, agricultural income generally means: Rent or Revenue Derived from land. Income from Agriculture Operations. Income from Farm House/Building Attached to Agricultural Land.

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Answer 2

Answer:

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