sir
please guide me the following query
what is the tax implication for income from sale of husk as per income tax act
thank u inadvance
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Income tax
Replies (2)
INCOEM IS TAX IS APPLICABLE ON AVERAGE RATE ON INCOME EARNED BY NORMAL OPERATION ACTIVITY OF BUSINESS NAMELY :-
AS PER CURRENT SLAB 2014-15
250000 : EXEMPTED
250001 TO 500000 : 10%
500000 TO 1000000 : 20%
ABOVE 1000000 : 30%
It is Scrap during process of Process of converting Paddy to rice. Sale of Husk is not a Agricultural Income as it does not involve any agricultural activities, Hence not exempt u/s.10(1). It is normal income and as Jitu said it is PGBP Income and calculate tax as per applicable rates.
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