05 August 2011
sir, one of my client started the aqua culture business. whether it is taxable? If it is taxable then which section talks about it and how much income is exempt from tax.
28 August 2011
The Income from Aquaculture is taxable. Provisions of Section 28(i) makes taxable to it. . Provisions from Section 28 to 43C, as like other business, will apply to it. .
You can show the income U/s 44AD on presumptive basis also, when the sales or gross receipts from such business, is less than 60.00 lacs.
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