Income from aquaculture is exempt?
This query is : Resolved
Sheetal Nitin Chalke
(Querist)
05 April 2012
Dear sir,
Pls help me out :
q) Whether income earned by a cultivator from Prawn Aquaculture is exempt from Income tax? If yes, under which specific section of the Income tax Act,1961.
Dear sir,
Pls help me out :
q) Whether income earned by a cultivator from Prawn Aquaculture is exempt from Income tax? If yes, under which specific section of the Income tax Act,1961.
06 April 2012
If it is individual/huf then it is liable for concessional rate of tax otherwise taxable, for this check def u/s 2 and for calculation of tax refer income tax schedule.
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