Green Wood Plantation Ltd. is engaged in cultivation and processing of Tea. Their net income during A.Y. 2019-20 is to the tune of ₹20 Lakhs. What proportion out of the income of ₹20 lakh would be treated as agriculture

CS Executive · Tax Laws and Practice · PYQS · June 2019
Green Wood Plantation Ltd. is engaged in cultivation and processing of Tea. Their net income during A.Y. 2019-20 is to the tune of ₹20 Lakhs. What proportion out of the income of ₹20 lakh would be treated as agriculture income?
(A) 10%
(B) 25%
(C) 40%
(D) 60%

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D). Official source note: Green Wood Plantation Ltd. is engaged in cultivation and processing of Tea. Their net income during A.Y. 2019-20 is to the tune of ₹ 20 Lakhs. What proportion out of the income of ₹ 20 lakh would be treated as agriculture income ? (A) 10% (B) 25% (C) 40% (D) 60%

Topics: Income Tax Act, 1961

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