Mr. Vinayak derived income from sale of tea manufactured and grown in Coorg, Karnataka. His income for the previous year 2020-21 from the said activity is ₹ 20 lakhs. The amount exempt from tax by way of agricultural income is:
A. ₹ 8 lakhs (40%)
B. ₹ 5 lakhs (25%)
C. ₹12 lakhs (60%)
D. ₹ 7 lakhs (35%)
Answer:C
Mr. Vinayak derived income from sale of tea manufactured and grown in Coorg, Karnataka. His income for the previous year 2020-21 from the said activity is ₹ 20 lakhs. The amount exempt from tax by way of agricultural income is:
A. ₹ 8 lakhs (40%) B. ₹ 5 lakhs (25%) C. ₹12 lakhs (60%) D. ₹ 7 lakhs (35%)