The residential status of Thomas for the previous year 2019-20 is of a resident but not ordinarily resident (R&NOR). He has following income during the year and asks you to explain by giving brief reasons as per prov
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2020
The residential status of Thomas for the previous year 2019-20 is of a resident but not ordinarily resident (R&NOR). He has following income during the year and asks you to explain by giving brief reasons as per provisions of the Income Tax Act, 1961 whether the same be taxable in the assessment year 2020-21: (a) Agricultural income of ₹ 35,000 from the land used for cultivating the crop of grapes located in Nasik, Maharashtra, India.
Answer & Explanation:
Agricultural income of ₹ 35,000 derived from the land used for cultivating the crop of grapes situated in Nasik, Maharashtra, India is exempt from tax u/s 10(1) since covered under the definition of Agriculture Income u/s 2(1A) of the Income Tax Act, 1961.
Topics: Income Tax Act, 1961
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