Income from dairy firm

Tax planning 1032 views 2 replies

need to know whether Income from dairy farming is taxable or tax free.

whether it comes within the ambit of agricultral Income or not.

Replies (2)

term Agricultural Income mean

1.Any rent received from land which is used for agricultural purpose

2.Any income derived from such land by agricultural operations including processing of
agricultural produce, raised or received as rent in kind so as to render it fit for the market, or sale
of such produce.

3.Income attributable to a farm house subject to the condition that building is situated on
or in the immediate vicinity of the land and is used as a dwelling house, store house etc

4.Income earned from carrying nursery operations is also considered as agricultural income
and hence exempt from income tax.

and  Income from dairy farming is not an agriculture income.

Thanks & Regards

Karandeep

Income dervied from animal husbandry,fisheries,poultry farming,dairy farming,etc.shal not be considered to be agricultural income.


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