Please Help: Agricultural Income
Posted Date : 06-Oct-2017 , 04:53:50 pm | Posted By Ashutosh Kumar Tripathi
If a person is engaged in the production of vegetables, herbs, grains etc. and also purchases the same from others and sales it finally to wholesalers. Whether aggregate income from these both of activities will be treated as agricultural income? or income from first activity will be treated as agri income and income from second source will be treated as income from business?
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 745
Answers
Answer By: shankygarg
The Income from first activity will be agricultural Income but the Income from second activity in which you are basically trading in agriculture goods will be treated as Business Income.
Comments
Mehala
10-Oct-2017 , 03:14:49 pmFirst activity ie Production of vegitables and selling it to wholesellers - Agri Income Second activity ie Purchase from others and sell to wholesellers - Business Income