Is poultry income is exempt from income tax ? wht is method of calculation of income tax ??
7 Replies
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 21 January 2010
it is exempt
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 21 January 2010
Mr.Yash Sharma, Ms.Swajitha, Mrs.Sriram and Mr.Mukund
At present no exemptions are available under income-tax act profits and gains from business of poultyr farming. Earlier exemption was available u/s sec. 80JJ. The said section was omitted with effect from 1-4-1998 by Finance Act, 1997.
Best Wishes
Sathikonda
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 21 January 2010
Dear all
As the stock includes live stock the valuation is somewat different for valuation of layers (birds laying eggs), and cull birds (birds which cannot lay eggs - aged birds). The valuation of layers depend on their age and the cost of food that was consumed upto the valuation date. The valuation of cull birds depend on the valuation of the particular birds and the expected realization of money on sale of the cull bird. Regarding vlaution of food materials and other inventories as usual.
Best Wishes
Sathikonda
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 21 January 2010
| Originally posted by : sathikonda anumanchipalli | ||
 |
Mr.Yash Sharma, Ms.Swajitha, Mrs.Sriram and Mr.Mukund At present no exemptions are available under income-tax act profits and gains from business of poultyr farming. Earlier exemption was available u/s sec. 80JJ. The said section was omitted with effect from 1-4-1998 by Finance Act, 1997. Best Wishes Sathikonda |
 |
100% AGREE WID SATHIKONDA JI...
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 22 January 2010
Dear All
Thank you
Best Wishes
Sathikonda
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