Rice mill income
mahipal (ca) (41 Points)
04 January 2016
why it is not taxable under agricultural income...
specify the line in incometax act... which makes it taxable
13 Replies
(Guest)
Any processing done on Agricultural produce to make it marketable is a part of agricultural operations and such amount recovered will be treated as agricultural income only, with some exceptions.
But the business of purchasing paddy from the agriculturist and milling the same by the purchaser (rice mill owner) and, thereafter, dealing in the business of sale of rice is taxable.
Madhya Pradesh High Court
Commissioner Of Income-Tax vs Kisan Co-Operative Rice Mills ... on 4 August, 1975
mahipal
(ca)
(41 Points)
Replied 04 January 2016
Is there any provision in incometax act saying the same....
mahipal
(ca)
(41 Points)
Replied 04 January 2016
Is there any provision in incometax act saying the same....
mahipal
(ca)
(41 Points)
Replied 04 January 2016
Exemption for rice mills is specified in the act ha...
mahipal
(ca)
(41 Points)
Replied 04 January 2016
Exemption for rice mills is specified in the act ha...
mahipal
(ca)
(41 Points)
Replied 04 January 2016
Exemption for rice mills is specified in the act ha...
mahipal
(ca)
(41 Points)
Replied 04 January 2016
U/ s 2(1A) agricultural income definition covers.
(b)Any income derived from such land by agriculture operations including processing of agricultural produce so as to render it fit for the market or sale of such produce......
Rice mill also comes under processing of agricultural produce..
Then y rice mill income is taxable
madihakhan
(Marketing)
(22 Points)
Replied 19 May 2016
Rice Mill income must be taxable in simple words because rice mills earn a lot of money and which should be taxable so the chain of exchanging money wont stop.
Regards
https://latifricemills.com/super-kernel-basmati-rice/
https://latifricemills.com/
madihakhan
(Marketing)
(22 Points)
Replied 19 May 2016
Rice mill income should be taxable because of the the greator consumption of money produced by this business each year
BRAZIL
(2 Points)
Replied 03 October 2022
If we didn't have tin number, rice mill will cease to exist?
Recent Topics
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
- TCS adjustment
- GST audit and scrutiny
Related Threads
CAclubindia
