New income tax rules for determining net agricultural income

0 comments Tuesday, May 14, 2013

Finance Act 2013 Has Inserted New Rules For Computation Of Net Agricultural Income & Amended The Definition Of Net Agricultural Income Vide Section 2(13)(c). Text of Such Rules & section Are As Follows:-
Rules for Computation of Net Agricultural Income
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Application for VAT registration cannot be rejected on the ground of insufficient place of business


Madras  High Court in  Sri Sundha Metals vs. Commissioner of Commercial Taxes, Ezhilagam, Chepauk, 
Chennai and another; (2013) 57 VST 73(Madras) has held that  registration under VAT Act cannot be denied on the ground that place of business is not sufficient for conducting specified business in the absense of any provision under the Act specifying required area for conducting business.
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