Mr.Yash Sharma, Ms.Swajitha, Mrs.Sriram and Mr.Mukund
At present no exemptions are available under income-tax act profits and gains from business of poultyr farming. Earlier exemption was available u/s sec. 80JJ. The said section was omitted with effect from 1-4-1998 by Finance Act, 1997.
As the stock includes live stock the valuation is somewat different for valuation of layers (birds laying eggs), and cull birds (birds which cannot lay eggs - aged birds). The valuation of layers depend on their age and the cost of food that was consumed upto the valuation date. The valuation of cull birds depend on the valuation of the particular birds and the expected realization of money on sale of the cull bird. Regarding vlaution of food materials and other inventories as usual.
Mr.Yash Sharma, Ms.Swajitha, Mrs.Sriram and Mr.Mukund
At present no exemptions are available under income-tax act profits and gains from business of poultyr farming. Earlier exemption was available u/s sec. 80JJ. The said section was omitted with effect from 1-4-1998 by Finance Act, 1997.
Best Wishes
Sathikonda