What iz da TAX Treatment of income generated by growing Mushrooms............
Is it an agricultural income.........??
or a taxable under Income Tax Act...??
Nitesh Battu (CA Final) (104 Points)
31 December 2009What iz da TAX Treatment of income generated by growing Mushrooms............
Is it an agricultural income.........??
or a taxable under Income Tax Act...??
Vishnu Nair
(Chartered Accountant)
(935 Points)
Replied 31 December 2009
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Amir
(Learner)
(4016 Points)
Replied 01 January 2010
Since MUSHROOM is a CROP, hence to best of my knowledge INCOME FROM GROWING OF MUSHROOM WILL BE AGRICULTURE INCOME..
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 01 January 2010
yes, i should be agriculture income, no doubt abt it
shailendra
(C.A. FINAL)
(189 Points)
Replied 01 January 2010
I agree with the above suggestions.
Also i want to add that check the activity in accordance with definition of agricultural income given in sec 10(1). If it satisfies all the conditions then it is agricultural income.