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of <h1>Rule 7 of Income-tax Rules: Deduct market value of agricultural produce from mixed income for tax purposes. No extra deductions.</h1> Income that is partially agricultural and partially derived from business is addressed by Rule 7 of the Income-tax Rules, 1962. When determining the taxable portion of such income, the market value of agricultural produce used as raw material or included in business accounts must be deducted. No additional deductions are allowed for expenses incurred by the cultivator or rent-in-kind receiver. The market value is deemed to be the average sale price of the produce if sold in the market, or the sum of cultivation expenses, land revenue or rent, and a reasonable profit as determined by the Assessing Officer if not ordinarily sold.
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