2. Mr P grows sugarcane and uses it for manufacture of sugar in his factory. 30% of the sugarcane produced has been sold for ₹ 10 lakhs and the cost of cultivation of such sugarcane has been ₹ 5 lakhs. The cost of cultivation of balance 70% sugarcane has been ₹ 14 lakhs and its market value is ₹ 22 lakhs. ₹ 1.5 lakhs was incurred on manufacturing sugar from the balance 70% produce and the sugar so manufactured and sold for ₹ 25 lakhs. Compute Mr P’s business income:
2 out of 10
3. Which of the following would be agricultural income?
3 out of 10
4. The proportion of agricultural and business income in case of income derived from sale of coffee grown and cured by the assessee in India is
4 out of 10
5. Mr Harini earned income of ₹ 4,00,000 from sale of tea grown and manufactured in Shimla. Income from sapling and seedling grown in nursery at Cochin is ₹ 80,000. The basic operations were not carried out by her on land. Her agricultural income is
5 out of 10
6. Mr Prem earned income of ₹ 22 lakhs from manufacture and sale of coffee grown, cured, roasted and grounded by him in India. The business income chargeable to tax in his hands would be
6 out of 10
7. Mr Anay (aged 25) has agricultural income of ₹ 2,10,000 and business income of ₹ 2,35,000. Which of the following statement is correct?
7 out of 10
8. During PY 2024-25, Mr Samar, a non-resident, received ₹ 75,00,000 on account of sale of agricultural land in Mauritius. The money was first received in Mauritius and then remitted to his Indian bank account. Is the sum taxable in India?
8 out of 10
10. Income derived from farm building situated in the immediate vicinity of an agricultural land (not assessed to land revenue) would be treated as agricultural income if such land is situated in:
10 out of 10
