Fishing in sea if its agricultural activity
This query is : Resolved
16 August 2019
its a society formed for fishing in wiled sea with traller or small ship or boat and bring it to shore and sell it
and after payment of all expenses if there is profit.
than what income tax and at what rate is attracted
if its covered under agricultural activity.
Thanks
and after payment of all expenses if there is profit.
than what income tax and at what rate is attracted
if its covered under agricultural activity.
Thanks
CA R SEETHARAMAN
(Expert)
16 August 2019
Income from fishing is not come in the definition of agricultural income. Therefore, the income from fishing is not exempted from income tax.
After payment of all expenses if there is profit. then it's taxable at applicable rates.
After payment of all expenses if there is profit. then it's taxable at applicable rates.
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