Agriculture income

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 January 2016 I purchased potatoes and put them in Cold storage after putting them for 4 months I sold them in market and got profit of Rs 80000 .Can I book this profit as Agriculture.income.

11 January 2016 No it is not an agricultural income. It is only a business income.

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 January 2016 Thanks ,If the crop is grown on lease land and crop is put in cold storage

11 January 2016 In such a case it will be agricultural income.

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 January 2016 Thanks I hiave shown 80000 receipt from agriculture and net income 40000 If I am not able to convince ITO what He can do.

11 January 2016 He will add it as business income and tax and interest payable on it.


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