TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Manuals
of of All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Understanding Rule 7: Deduct Market Value of Agricultural Produce from Business Profits, No Extra Deductions Allowed for Cultivators</h1> Rule 7 of the Income-tax Rules, 1962, addresses income that is both agricultural and business-related. It stipulates that when a cultivator or rent-in-kind receiver uses agricultural produce as raw material in their business, the market value of this produce is deducted from the taxable business profits. Additionally, if the sale receipts of the agricultural produce are included in the business accounts, they must also be deducted. No further deductions are allowed for any expenses incurred by the assessee as a cultivator or rent-in-kind receiver.
TaxTMI 
TaxTMI 
