Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2013
Dear Sir,
Interest paid by sugar mill on late Cane payment to farmer will be consider as taxable income from other sources
or
It would be consider as a part of exempt agriculture income.
Please clarify.
Thanks in advance.
Interest paid by sugar mill on late Cane payment to farmer will be consider as taxable income from other sources
or
It would be consider as a part of exempt agriculture income.
Please clarify.
Thanks in advance.
CA PARAS BAFNA
(Expert)
15 June 2013
In my opinion the late payment charges are compensatory in nature and the compensation or interest is being paid on the amount due to the farmer. It is farmer's interest income and it is taxable under the head Income from Other Sources.
.
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