Income tax on income from fish farming in ocean and coastal areas
Taxable or exempt
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Income tax on income from fish farming
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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
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