Is Income From Fishing Taxable In India?

Is farmer income taxable?

Is Agricultural Income Taxable.

By default, agricultural income is exempted from taxation and not included under total income.

The Central Government can’t impose or levy tax on agricultural income.

The exemption clause is mentioned under Section 10 (1) of the Income Tax Act of India..

How is agricultural income calculated?

Example – Let us say that an Individual Assessee has a Total income of INR 7,50,000/- (excluding Agricultural income) and a Net Agricultural income of INR 100,000/-. Then, per this step, Tax shall be computed on INR 7,50,000/- + INR 1,00,000/- = INR 8,50,000/-.

What is agricultural land as per income tax?

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.

Which of the following income is not taxable?

Financial gifts generally aren’t treated as income, although the giver may owe gift tax if they’re over $15,000. Additionally, the following types of gifts are considered fully nontaxable: Tuition or medical expenses paid on someone else’s behalf. Political donations.

How much agriculture income is exempt from tax?

Total income, excluding net agricultural income, surpasses the basic exemption limit (Rs. 2,50,000 for individuals below 60 years of age and Rs. 3,00,000 for individuals above 60 years of age).

Is amount received from LIC taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

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 incomes are exempt from tax in India?

Types of Exempt IncomeHouse Rent Allowance.Allowance on transportation, children’s education, subsidy on hostel fee.Exemption on Housing Loan.Income defined as per Section 10, Section 54 of the Income Tax Act, 1961.Leave and Travel Allowance.

Is GST applicable on fish?

Is GST applicable for Fresh fish? As per GST Law, there is no GST payable on Fresh fish. So the rate of GST payable on Fresh fish is nil rate. The Goods and Services Tax (GST) will be levied at multiple rates ranging from 0 per cent to 28 per cent.

What are the types of agriculture 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 fish farming taxable in India?

13. 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.

What is Section 10 26AAA of tax?

The section 10(26AAA) covers the income of a Sikkimese individual which is arising either in the state of Sikkim or by way of dividend or interest on securities, is not to be included in total income for tax calculation.

What is exempt income section 10?

According to section 10(1), those who are taxpayers and earn the income from agriculture are entitled to get the exemption from tax. Those citizens who enjoy the income relating to the farmhouse, can get the exemption from tax based on certain condition.

Is processed fish exempted from GST?

The GST Council has decided to exempt all fish, crustaceans, molluscs & other aquatic invertebrates in live, fresh or unprocessed form from GST in India. Hence, GST is not applicable to the following types of fish and seafood products: Fish seeds, prawn/shrimp seeds whether or not processed, cured or in a frozen state.

What is the GST rate on?

GST Rates for Goods The government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18% and 28%. After the recent revision of GST rates, these are the commodities that fall under the four tax slabs along with those that do not attract any tax.