Agriculture income
This query is : Resolved
15 April 2014
one of my client doing the business of selling fertilizer and cattle feed.will thia income come under the agriculture income or not ?
thanks in advance
thanks in advance
15 April 2014
No. The income can be taxed as the same is business income.
16 April 2014
No.
Agriculture Income Definition - any income rent, revenue directly from land(agri land) (or building on such land used in purpose for cultivation but building should be on land or in immediate vicinity) situated in india & used for agriculture & used by owner or his parents for agriculture or by the person paying rent (i.e, rent to be paid from income generated through cultivating land).
Where As - Selling of Fertilizers & cattel feed is pure trading activity, ofcourse related & helpful for agriculture but is not used but is sold. It comes in Business activity taxable.
Agriculture Income Definition - any income rent, revenue directly from land(agri land) (or building on such land used in purpose for cultivation but building should be on land or in immediate vicinity) situated in india & used for agriculture & used by owner or his parents for agriculture or by the person paying rent (i.e, rent to be paid from income generated through cultivating land).
Where As - Selling of Fertilizers & cattel feed is pure trading activity, ofcourse related & helpful for agriculture but is not used but is sold. It comes in Business activity taxable.
16 April 2014
fertilizer and cattle feed is trading business
income will taxable as business income .
income will taxable as business income .
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Gst Sales of FY 2023-24
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
