Is income from poultry farming taxable in India?

Is there any tax on poultry farming?

Presently, TDS of one / two per cent is made to those who contract farmers for poultry rearing. … It is requested to drop the applicability of this section to poultry Sector or at least for the payments made in rural areas.

Is poultry exempted from income tax?

With the Union Budget around the corner, the Karnataka Poultry Farmers and Breeders Association (KPFBA) wants the the Government of India to consider all poultry farming activities as ‘Agriculture’ under the Income Tax Act. … By doing so, poultry farmers can avail tax benefits.

Is poultry agriculture income?

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.So you have to prepare your ITR like any normal business person.

Is farming income taxable in India?

As per Section 2 (1A) in the ITA, agricultural income means any rent or revenue derived from land located in India, including rent on agricultural land and buildings, and is tax-exempt. … Under contract farming, a farmer could undertake many of these operations and qualify for income tax exemption.

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Is GST registration required for poultry farming?

Agriculture includes floriculture, horticulture, sericulture, raising of crops, grass or garden produce. But does not include dairy farming, poultry farming, stock breeding, gathering of fruit or rearing of seedlings or plants. GST registration required when having a PAN is mandatory to obtain GST registration.

Is GST applicable for poultry farm?

As per GST Law, there is no GST payable on Live Poultry. So the rate of GST payable on Live Poultry is nil rate.

How much agriculture income is tax free in India?

If a farmer’s income is less than Rs. 5,000 or if the total income minus the agricultural income is less than the basic exemption limit which is Rs. 2.5 lakh for a person below the age of 60 years and Rs. 3 lakh for an individual aged 60 years and above, then the income generated will be exempted from being taxed.

Is goat farming taxable in India?

But nowhere in the Income-tax Act it has been stated that income arising out of purchase and sale of goats is exempt from tax.

Which income is exempted from income tax?

Income Exempt From Tax As Per Section 10

Section 10(1) Income earned through agricultural means
Section 10(13) Any payment received through a Superannuation Fund
Section 10(13A) House Rent Allowance
Section 10(14) Allowances utilised to meet business expenses
Section 10(15) Income received in the form of interest

How is agriculture income 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.

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What is exempted income?

Exempt Incomes are the incomes that are not chargeable to tax as per Income Tax law i.e. they are not included in the total income for the purpose of tax calculation while taxable Incomes are chargeable to tax under the Income Tax law. Exempt income are those on which tax is not likely to be paid.

Which agriculture income is exempt?

Any income derived from saplings or seedlings grown in a nursery shall be deemed to be agricultural income. As per section 10(2), amount received out of family income, or in case of impartible estate, amount received out of income of family estate by any member of such HUF is exempt from tax.