liable to income tax or not

[Dalia Felix]

Suppose a company engaged in farming are exporting their produces after grading, sorting, preserving and packing - will the income be subjected to Income Tax or is exempted as agricultural income.

AI Summary

Is a Company's Income from Exporting Graded and Packed Farm Produce Subject to Income Tax or Exempt? A discussion forum addressed whether a company's income from exporting farm produce after grading, sorting, preserving, and packing is subject to income tax or exempt as agricultural income. One participant explained that agricultural income includes income from processes that make produce marketable if performed by the cultivator or landlord. However, since the process is conducted by a company, it does not qualify as agricultural income. Another participant suggested consulting experts and noted that agricultural income affects tax rates for individuals and certain entities.