Menu
Agricultural income of paddy converted to rice
If Paddy is converted into rice by farmers it is exempted but if it is converted into rice by rice mill it is taxable Is that right? Under Income tax Act.
Replies (3)
For making Agriculture Produce saleable in the market involves ordinary process to be done by cultivator which does not change the original character of Agri Produce.. So in my view it should be Agricultural income
That should be treated as agricultural income
Yes same is taxable. But if growing, harvesting &cutting work done by mill itself means mill itself growing rice , then it is agriculture income.
Recent Topic
- GST on Post-OC Installments – Payment Milest
- Sec-54F exemption and Carry forward losses
- FEMA treatment — USD gift from LRS-funded fo
- RSU and Schedule FA related
- ELIGIBILITY FOR COMPOSITION SCHEME
- Doubt regarding the purpose of Section 52(3) of Co
- 112 A Filling
- Long Term Capital Loss in ITR2
- LOAN INTEREST BENEFIT ON NEW TAX REGIME
- Retirement funds under new tax regime
Related Topics
CAclubindia
