Hi, I produce vegetables and market them. Right now, I am planning to brand my produce and represent my produce by a firm. I have decided to go with OPC Ltd. I still do not have to pay income tax since its from agriculture right ? Also, is OPC right choice to begin with as a single owner ?
Hello,
If you are planning to stick to agriculture then I suggest you work under proprietorship and avoid getting into the hassles of OPC.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi,
Yes, you need not to pay income tax from profit arising out of sale of vegetables grown in your field.
You can operate as a proprietorship also instead of OPC. proprietorship has less complinace burden.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hello,
You can either do the business through an OPC or proprietorship. Please understand the cost factor of the OPC before taking a decision.
Regards
CA Keerthiga Padmanabhan
M.Com., CA, LLB
