A Businessman purchasing seeds from Farmers and saleing to wholesaler & retailers of seeds. Is its treated as agriculture income ? and exempt or any vat or incometax is applicable. Please Reply me if any type of tax applicable to this type of income.
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Agriculture seeds income
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Dear,
An income as Agriculture income only considered As per sec 2(1A). in your querru businessman purchase seeds from farmmer & selling them is not agriculture income. since income tax will be applicable as normally & for vat if your businessman in mp then vat tax not applicable but if turnover is more than 5 Lacs then vat registration should be made.
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