Question

Tax on company having income only from agriculture

Answer 1

Answer:

Income earned from agricultural operations is termed as agricultural income and is exempt from income tax. Further, companies engaged in agricultural operations also enjoy income tax exemption, if the income earned is purely agricultural income, as per the Income Tax.

Answer 2

Explanation:

Agricultural income earned by a taxpayer in India is exempt under Section 10(1) of the Income Tax Act, 1961. ... As per section 2(1A), agricultural income generally means (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.