Income frm xport of agriculture crop of some medicine product as aleovera & musli is exempted or not

[ramesh bohra]

we have agriculture land 100 hector we are getting crop of some medicine product as aleovera and musli which we get crop and we export it we get income of that rs 100000/ que1. the above income is exempted or not

AI Summary

Clarification on Tax Exemption for Aloe Vera and Musli: Agricultural vs. Business Income; Export Benefits Limited, per Section 80HHC. A query was raised regarding whether income from exporting agricultural crops like aloe vera and musli is exempt from income tax. The respondent clarified that it is crucial to determine if the income qualifies as agricultural or business income. Agricultural income is exempt from income tax, while business income is taxable. Additionally, export benefits are now limited to specific purposes, as general export benefits have been withdrawn from income tax provisions such as section 80HHC.