Deduction for producer companies: full tax deduction for profits from eligible agricultural business activities, subject to turnover limit. A new section provides a one hundred per cent deduction of profits and gains of a Producer Company from eligible business-marketing members' agricultural produce, supplying agricultural inputs to members, and processing members' produce-subject to a statutory turnover ceiling and after accounting for deductions under other provisions of the same Chapter; statutory definitions of Producer Company and member apply and the provision is prospectively effective for the specified assessment years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for producer companies: full tax deduction for profits from eligible agricultural business activities, subject to turnover limit.
A new section provides a one hundred per cent deduction of profits and gains of a Producer Company from eligible business-marketing members' agricultural produce, supplying agricultural inputs to members, and processing members' produce-subject to a statutory turnover ceiling and after accounting for deductions under other provisions of the same Chapter; statutory definitions of Producer Company and member apply and the provision is prospectively effective for the specified assessment years.
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