Composite Income

Tax Glossary Definition

Composite Income

Composite income refers to income that consists of both agricultural and non-agricultural elements. Under the Income Tax Act, only the non-agricultural portion of such income is taxable, while the agricultural portion may be exempt from tax.

Example: Income from a tea garden may be considered composite income, where 40% of the income is taxable (non-agricultural) and 60% is agricultural and exempt from tax.

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