CA Inter doubt
Mr A age of 50 years engaged in business of roasting and grounding of coffee who derives income of 10 lakhs compute tax liability under default tax regime ?
Asked by Harshi23 Jul 2024352 views
2 answers
Harshi · 31 Jul 2024
Tqq
Suraj · 23 Jul 2024
As per rule 7B of IT Act, income from the sale of coffee which is grown, cured, roasted and grounded by the seller in India is : 40% of income is Business income which should be taxable and 60% of income is Agricultural income.
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