Is Goat Farming Taxable In India?

Which fish farming is most profitable in India?

Tilapia FarmingINDIA – Tilapia farming is highly profitable, and tilapia farming in India is growing day by day.

India is geographically poised to be the world leader in the fisheries sector, reports The Pioneer..

Which fish is best for farming in India?

Indian carps like rohu (Labeo rohita, left) and catla (Labeo catla, right) are among the main fish species farmed in India.

What is agricultural land as per Income Tax Act?

Agricultural land has not been defined in the Income Tax Act but in common parlance, agricultural land is a land on which agricultural activities are carried out. … This is important because as per Section 2(14) of the I.T. Act, agricultural lands which are not situated in specified areas are not Capital assets.

Is sale of agricultural land taxable in India?

Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains. … Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax.

Which income is tax free in India?

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh …

Which fish grow faster in India?

1 Catla. Catla is the fastest growing Indian major carp species and widely distributed throughout India, Nepal, Pakistan, Burma and Bangladesh (Fig. 19).

Is agricultural income fully exempt from tax?

As per Section 10(1) of the Income Tax Act, 1961, agricultural income is exempted from taxation. The central government cannot levy tax on the agricultural income received. … Total income, excluding net agricultural income, surpasses the basic exemption limit (Rs. 2,50,000 for individuals below 60 years of age and Rs.

How do you prove agricultural income?

In respect of agricultural income, the indicative list of documents may be pertaining to land acquisition or ownership, details and location as per municipal records, evidence of agricultural use, lease agreement, tenant details, rent receipts, bank statements (if rent was received through modes other than cash).

Which income is exempted from income tax?

Employment income is exempt from income tax under paragraph 81(1)(a) of the Income Tax Act and section 87 of the Indian Act only if the income is situated on a reserve. If your employment income is exempt from tax, you do not have to include that income when you file your personal income tax return.

What is the limit of agriculture income?

Net agricultural income is greater than Rs. 5,000/- for the previous year. Total income, apart from net agricultural income, is higher than the basic exemption limit (Note – Base Exemption Limit for taxpayers up to 60 years of age is Rs. 2,50,000 and for taxpayers exceeding 60 years of age is Rs.

Where can I show agricultural income in ITR?

If the aggregate agricultural income of the assessee is up to Rs. 5,000 disclose the agricultural income in the income tax return (ITR) 1. But if the agricultural income exceeds Rs. 5,000, then form ITR 2 applies.

What is rebate on agricultural income?

Tax rebate on agricultural income is Income-tax computed on total of agricultural Income + basic exempt slab limit.

Is fish farming tax free in India?

Whether Income from Fish Farming(Jhinga) is agricultural Income: Fish farming is not an agricultural activity as no basic agricultural operation is carried out on land hence income from fish farming is taxable as business income. However income of fish farming to a co-operative society is exempt u/s 80P of the Act.

How much tax do farmers pay in India?

The TARC had recommended that farmers with agricultural income Rs 50 lakh-plus should pay income tax. Farmers with more than four hectares of land form just about 4% of the total farming families but they corner 20% of the total agriculture income.

Who is the richest farmer in India?

1. Pramod Gautam: Meet Pramod, a former automobile engineer who switched to farming in 2006, and now earns upwards of a crore yearly, after implementing a radically different method of cultivation.

Is poultry farming taxable in India?

Hence Income from Poultry Farming shall not be treated as agricultural Income and the same is not exempt under any other section. Income from Poultry Farming is taxable under the Income Profit and Gain from Business and profession.

What are the types of agricultural income?

These types of agricultural incomes are :Any income received as rent or revenue from agricultural land. … Income derived from Agriculture. … Any income accruing to the person by the performance of any process to render the produce marketable.More items…

Is agricultural income taxable in India?

Agricultural income earned by a taxpayer in India is exempt under Section 10(1) of the Income Tax Act,1961. What is more shocking and surprising is that this so-called agricultural income is tax-free without any limit.