Agriculture income
This query is : Resolved
15 April 2014
one of my client doing the business of selling fertilizer and cattle feed.will thia income come under the agriculture income or not ?
thanks in advance
thanks in advance
15 April 2014
No. The income can be taxed as the same is business income.
16 April 2014
No.
Agriculture Income Definition - any income rent, revenue directly from land(agri land) (or building on such land used in purpose for cultivation but building should be on land or in immediate vicinity) situated in india & used for agriculture & used by owner or his parents for agriculture or by the person paying rent (i.e, rent to be paid from income generated through cultivating land).
Where As - Selling of Fertilizers & cattel feed is pure trading activity, ofcourse related & helpful for agriculture but is not used but is sold. It comes in Business activity taxable.
Agriculture Income Definition - any income rent, revenue directly from land(agri land) (or building on such land used in purpose for cultivation but building should be on land or in immediate vicinity) situated in india & used for agriculture & used by owner or his parents for agriculture or by the person paying rent (i.e, rent to be paid from income generated through cultivating land).
Where As - Selling of Fertilizers & cattel feed is pure trading activity, ofcourse related & helpful for agriculture but is not used but is sold. It comes in Business activity taxable.
16 April 2014
fertilizer and cattle feed is trading business
income will taxable as business income .
income will taxable as business income .
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