Daily Archives: March 16, 2016

Home   2016   March   16th (Wednesday)

Farmers Tax Exempt—So Is Company With Rs 215-Cr Profit

It’s reasonably well known that income from agriculture attracts no tax in India. What isn’t quite as well known is that of more than 400,000 taxpayers claiming exemption for agricultural income in the assessment year 2014-15, the biggest were seed giant Kaveri Seeds—it claimed Rs 186.63 crore exemption and made a profit of Rs 215.36 crore before tax—and multinational Monsanto India, which claimed Rs 94.40 crore as exemption from agricultural income and earned Rs 138.74 crore profit before tax. Agro-companies growing crops are allowed the same tax relief as individuals in states levying no agricultural income tax, although some states do indeed tax some kinds of farming. “Allowing big farmers—individuals […]

Get Best Services from Our Business.
%d bloggers like this: