milk vendor income is business income?
This query is : Resolved
KUMAR trp707@gmail.com
(Querist)
18 January 2011
sir one house wife having 4 buffalos (cows). daily give each buffalos 3 lt to 5 lts a half day. later rate 34/- approx she give details 4x4x2x32x30x8=245760/- 4lts 4 buffalos day 2 times 32 per lt 30 days 8 months her income from milk selling is taxable income? can required itr 4 and under business and profession. it is agricultural income is expected?
Manmohan ACA, CS
(Expert)
18 January 2011
It is not at all agro Income as the defination of Agro Income given in section 2)1A), does not include any income from animals.... But I will consider it as business Income taxable under PGBP
KUMAR trp707@gmail.com
(Querist)
19 January 2011
sir
a lot of thank u sir
very fast and quick reply
so many thanks u sir
i feel very happy your response.
good night sir
a lot of thank u sir
very fast and quick reply
so many thanks u sir
i feel very happy your response.
good night sir
19 January 2011
the same should be treated as business income.
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KUMAR trp707@gmail.com
(Querist)
19 January 2011
thank you sir
Parixit Namdhar
(Expert)
20 January 2011
This is business income and u can claim expenditure of mainatining animals also out of total gross receipts
Message likes :
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NITIN SHARMA
(Expert)
20 January 2011
Agreed with all u have to file itr4. but the same income is tax free under vat.
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