Share of Agricultural Income and Business Income from growing and manufacturing Tea in India is
The allocation is 40% business income and 60% agricultural income. Rule 271 of the Income-tax Rules, 2026 treats 40% of income from tea grown and manufactured by the seller…
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Share of Agricultural Income and Business Income from growing and manufacturing Tea in India is
Answer and explanation
Correct answer C
The allocation is 40% business income and 60% agricultural income. Rule 271 of the Income-tax Rules, 2026 treats 40% of income from tea grown and manufactured by the seller in India as taxable business income, leaving the remainder as agricultural income.
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West Bengal SET (WB SET)