We have agriculture land where in doing cattle farming and selling milk to dairy./ local market.
Kindly clarify income Tax applicability on Income from Cattle (Cow) Farm .
If possible explain with clause
7 Replies
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 23 December 2009
The above mentioned income does not fall within the meaning of AGRICULTURE INCOME u/s 2 (1A)...
So, will be considered as business income u/s 28.. and so the proceeds will be done accordingly...
But let others do reply and clarify the same
Vaishali Bopardikar
(CA final passed)
(109 Points)
Replied 23 December 2009
yes it is not agricultural income. It will taxed under head business income
Vikram Gagneja
(a/c)
(108 Points)
Replied 23 December 2009
this is not a income from agriculture
because sale of milk is not related with land
only income from land is taken as income from agriculture
this income is taxable u/s 28 as income from business or u/s 56 as income from other sources according to the circumstances and not taxable in any other heads
PRAKASH H.Y
(Auditor & Tax consultant)
(46 Points)
Replied 24 December 2009
It is not covered under Sec 2(1A) of the Income Tax Act. So that it is taxable under the head Income from Business or Profession under sec 28.
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 24 December 2009
IT IS NOT A AGRICULTURAL INCOME AND NOT EXEMPT U/S 10(1) BUT THIS INCOME IS TAXABLE UNDER THE HEAD "INCOME UNDER THE HEAD OTHER SOURCE"
CA Shailesh Ghase. ACA,B.com
(CA)
(114 Points)
Replied 24 December 2009
It is not an Income from Agriculture, it is a pure business of primary nature.
it will taxed in ur habds as " Income from Business & Profession"
Regards
CA shailesh Ghase
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