Income tax on income from fish farming in ocean and coastal areas
Taxable or exempt
Any supporting documents If any please share
Menu
Income tax on income from fish farming
Replies (2)
Quick Summary
Income from fish farming is taxable but if the income of fish farming to a co operative Society is exempted
Whether Income from Fish Farming(Jhinga) is agricultural Income:
Fish farming is not an agricultural activity as no basic agricultural operation is carried out on land hence income from fish farming is taxable as business income.
However income of fish farming to a co-operative society is exempt u/s 80P of the Act. 14
Fish farming is not an agricultural activity as no basic agricultural operation is carried out on land hence income from fish farming is taxable as business income.
However income of fish farming to a co-operative society is exempt u/s 80P of the Act. 14
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
