My friend is working in Govt. sector and he is having Fish ponds at his native place, receiving revenue on sale of fishes etc., whether the income from sale of fishes is Business Income or Agricutural Income. Pl. give me advice. thanks in advance
Menu
Income from fish ponds
Replies (2)
Income from fisheries is not an agriculture income. It is not covered under the defination if agriculture income under section 2(1A).
to term the income as agricultural income, the essential elements are land, human expenditure, soil etc...
In case of fish ponds no such elements are present, hence the income generated would be business income and not agricultural income.
Recent Topics :
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
Related Topics :
CAclubindia
