Income tax on Fishing business
This query is : Open
CA. Abhishek A. Sawant
(Querist)
08 April 2017
My client is a fisherman/fishing business & wants to file income tax return.
My query is whether fishing business is covered under agricultural business or is just like any other normal business?
Also is there any service tax implications?
Any special provisions applicable on fishing business?
CA R SEETHARAMAN
(Expert)
08 April 2017
Fishing is not agriculturalincome, it is like other business income. No service tax implications as it will be coming under trading. No special provisions.
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CA. Abhishek A. Sawant
(Querist)
08 April 2017
Thanks a lot sir.
CA. Abhishek A. Sawant
(Querist)
08 April 2017
Is VAT provisions applicable on fisherman who sale dead fishes to
CA R SEETHARAMAN
(Expert)
09 April 2017
VAT not applicable on fish sales including dry fish.
CA. Abhishek A. Sawant
(Querist)
09 April 2017
Thanks again
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