100% Tax Deduction to Farmer Producer Company
by Agam Gupta 8.2K
With the Coming of Union Budget 2018-19, the expectations of every common man are very high and among the common mans, The Farmers are the most important persons being to take care as they constitute around 60% of the economy. To not disappoint them and to show them that the Government and Prime Minister Modi is really caring for them, the government has extended the 100% tax deduction to Farmer producer company having 100 crore Turnover.
This means any Producer company making a turnover of up to 100 Crores and earning profit out of the same, will now not need to pay any corporate tax, 100% Tax deduction has been allowed by proposing an extension to Section 80P of Income Tax Act.
What is Producer Company?
A Producer company is an extended corporate version of cooperative society under part – IXA of Company’s Act 2013.
The main objective of the farmer producer company is too enrich it’s producer members by involving in the activity of harvesting, cultivation, procurement, grading, handling, and marketing and engaged in export and import of produced products.
For More Information, Please Read – How to Register Farmer Producer Company