Aadarsh, a resident and ordinarily resident in India, has derived the following income from various operations (relating to plantations and estates owned by him) during the year ended 31st March 2021 : Particulars ₹ Inco
CS Professional · Direct Tax Law & Practice · PYQS · June 2021
Aadarsh, a resident and ordinarily resident in India, has derived the following income from various operations (relating to plantations and estates owned by him) during the year ended 31st March 2021 : Particulars ₹ Income from sale of coffee grown, cured, roasted and grounded in Colombo (Sri Lanka). Sale consideration was received at Chennai. 4,00,000 Income from sale of coffee grown and cured in Tamil Nadu 2,00,000 Income from sale of tea grown and manufactured in Darjeeling 60,000 Calculate his business and agriculture income for financial year 2020-21.
Answer & Explanation:
Sr. No. Source of Income Gross Business Income Agriculture Income 1. Sale of Coffee grown, cured, roasted and grounded outside India. 4,00,000 100% 4,00,000 - 2. Sale of Coffee grown and cured in India 2,00,000 25% 50,000 1,50,000 3. Sale of tea grown and manufactured in India 60,000 40% 24,000 36,000 4. Total 4,74,000 1,86,000
Topics: Income Tax Act, 1961
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