Srithan grows tomatoes and he uses them for the purpose of manufacturing tomato ketchup in his factory. 60% of tomatoes produced is sold for ₹5,00,000 and cost of cultivation is ₹3,50,000. 40% of tomatoes produced is pro
CS Executive · Tax Laws · PYQS · June 2022
Srithan grows tomatoes and he uses them for the purpose of manufacturing tomato ketchup in his factory. 60% of tomatoes produced is sold for ₹5,00,000 and cost of cultivation is ₹3,50,000. 40% of tomatoes produced is procured to manufacturing ketchup the Market Value of the tomatoes is ₹3,00,000 and cost of cultivation was ₹1,80,000. He incurred ₹1,00,000 for processing and ketchup was sold for ₹6,00,000 in the Financial Year 2021-22. Compute the Agriculture and Business Income for the Assessment Year 2022-23.
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive inco...
- Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 19...
- Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as ...
- Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and n...
- Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019)...