Need A Financial Product Forums Tax Savings What is considered as an agriculture income?

This topic contains 1 reply, has 2 voices, and was last updated by  Kesarinath 2 years, 3 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #47334

    Kesarinath
    Member

    What is considered as an agriculture income?

    #47335

    Sanjay Gupta
    Member

    The operations which makes certain activities fall under ?agriculture? are basic operations like sowing, tilting, irrigating, harvesting. Hence what is sold in the market should be the primary product of the harvest. Money receives from such sale is considered as agriculture income. If however the primary product of the harvest has to further processed or modified to enhance the market value of the primary product then such enhanced value would be considered as business income which is liable for income tax. And if the person also receives additional income from any other source then the value of the primary harvest will be taken into consideration to determine the higher rate of income tax.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.