Tax benifit
This query is : Resolved
06 February 2016
Dear Members,
Please inform me what are the tax benefit available to a farming house engaged in production of milk .For example if a company engaged in the business like AMUL business.
Is it a agriculture business ?
Thanking You
Please inform me what are the tax benefit available to a farming house engaged in production of milk .For example if a company engaged in the business like AMUL business.
Is it a agriculture business ?
Thanking You
07 February 2016
The income from the sale of milk is not 'agricultural income' within the meaning of the Income-tax Act.
Since, you specified it is farming house, it depends on how the cow / buffalo are fed i.e. through a commercial feed or animals grazing on the pasture land; Read the interesting link below:
http://indiankanoon.org/doc/972395/
Since, you specified it is farming house, it depends on how the cow / buffalo are fed i.e. through a commercial feed or animals grazing on the pasture land; Read the interesting link below:
http://indiankanoon.org/doc/972395/
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