Income-tax Rules, 2026 | Rule 270 of 333

Rule 270 - Determination of income, being partly from agricultural and partly from business Full text

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270Rule number

1530Local text characters

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Source and status control

Primary authority: Notification No. 22/2026 / G.S.R. 198(E)

Local legal-text status: LOCAL_EXTRACT_EXTERNAL_OFFICIAL_SOURCE_CONTROLS

Currentness control: Base Rules effective 1 April 2026. Check later amendments, corrigenda and portal implementation before action.

Local statutory extract - official source controls

Rule text held in the production corpus

270. Determination of income, being partly from agricultural and partly from business.— (1) In terms of section 533(2)(b)(i), in case of income, which is partially agricultural income and partially from business, the market value of any agricultural produce which has been raised by the assessee, or received by him as rent in kind, shall be allowed as a deduction, where — (a) such agricultural produce has been utilised as a raw material in such business; or (b) sale receipts of such agricultural produce are included in the accounts of the business. (2) No further deduction shall be made in respect of any expenditure incurred by the assessee as a cultivator or receiver of rent-in-kind. (3) For the purposes of sub-rule (1) ―market value‖ shall be deemed to be, — (a) where agricultural produce is ordinarily sold in the market in its raw state, or after application to it of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render it fit to be taken to market, the value calculated according to the average price at which it has been so sold during the relevant tax year; and (b) where agricultural produce is not ordinarily sold in the market in its raw state or after application to it of any process referred to in clause (a), the aggregate of — (i) the expenses of cultivation; (ii) the land revenue or rent paid for the area in which it was grown; and (iii) such amount as the Assessing Officer finds, having regard to all the circumstances in each case, to represent a reasonable profit.

Local extract SHA-256: f12ee399182953509521beeac4a32123f82c89f010613190a15bfae7641ba58e. This hash authenticates the local extract only; it does not certify that every amendment, table or Gazette footnote has been consolidated.

Rule map

Related sections

533(2)

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