Start a Producer Company with ChatterTax Team
Deduction in respect of income of Farm Producer Companies w.e.f 1st April 2019 (A.Y 2019-20 and subsequent AY) - Section 80P Extend 100 percent deduction in respect of profit of cooperative society which provide assistance to its members engaged in primary agricultural activities to Farm Producer Companies (FPC), having a total turnover upto Rs 100 Crore, whose gross total income includes any income from
(i) the marketing of agricultural produce grown by its members, or
(ii) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or (iii) the processing of the agricultural produce of its members
Producer Company is a company registered under the Companies Act, 2013, which has the objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit. Produce are things that have been produced or grown, especially by farming. Therefore, a Producer Company deals primarily with agriculture and post harvest processing activities.
Over 85% of the Farmers in India are small and marginal farmers with land holdings of less than 2 hectares. By organization of these farmers into producer companies, economies of scale can be unlocked and the livelihood of farmers can be improved. Thus the concept of Producer Company is aimed at empowering farmers by creating clusters of farmers organized as a Producer Company
Address
Chatter and Co.
Infocom House,
Goverdhanpura Circle
Jhalawar Road, Kota (Rajasthan) 324007
0744-2390368/2390369
Mob no +91 9314029310
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