Agriculture Income + Industrial Income

Tax queries 636 views 1 replies
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Student
166 Points Joined February 2009

Hi All,

Assessee is having income from Agriculture by way of Paddy Cultivation. He is also having Rice Mill which is converting the Paddy into rice.

Income from Sale of Rice Bags after conversion will it be still taken as Agriculture Income or Industrial Income??


Please Clarify...


Thx In Advance

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On 20 July 2011 at 16:10 Report
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Practicing CA
8639 Points Joined April 2009

The income out of direct sale of paddy shall be agricultural income. But the use of the same in Rice Mill and sale of Rice shall not be agricultural income. It shall be business income and will not be exempt from tax as agricultural income.

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On 20 July 2011 at 17:14

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