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Mr. Ananth is a traditional farmer who was inherited with 35 acres of rural agricultural land which was around 20 kms from nearest town. He is…

CA Intermediate · Taxation · PYQS · January 2025

Mr. Ananth is a traditional farmer who was inherited with 35 acres of rural agricultural land which was around 20 kms from nearest town. He is cultivating in 15 acres-Paddy, which is directly taken by rice traders. Another 10 acres of land is used for growing Sugarcane and as per practice sugarcane is purchased by sugar mills nearby the villages for which payments were received by Neft/RTGS/IMPS. Remaining area is cultivated for (1) Mulberry leaves & (2) Part of Mulberry leaves are used for being fed to silkworms and obtaining silk cocoons and selling these silk cocoons in market. During the financial year 2023-24, Mr. Ananth had got net Income of 4,00,000 from Sale of Paddy, 3,50,000 net gain on sale of Sugarcane and - 75,000 by selling Mulberry leaves alone. He carried out Mulberry 5 silkworm production using his Mulberry leaves worth - 50,000 and selling the silk cocoons by spending - 2,00,000 and got - 3,75,000 on sale of Silk Cocoons to Silk Co-operatives. Based on the above information, answer the following MCQ no. 1 to 3:

(A) (A) Paddy Income of 4,00,000 alone is exempt as Agricultural Income.

(B) (B) Sugarcane Income of 3,50,000 and Paddy income of 4,00,000 will constitute as Agricultural Income.

(C) (C) Sale of Mulberry leaves amounting to 75,000, Paddy income of 4,00,000 and sugarcane income of 3,50,000 will all constitute Agricultural Income.

(D) (D) Paddy Income of 4,00,000, Sugarcane Income of 3,50,000 and sale & use of Mulberry leaves of 1,25,000 all will constitute Agricultural Income.

Mr. Ananth is a traditional farmer who was inherited with 35 acres of rural agricultural land which was around 20 kms from nearest town. He is…

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