Is Agriculture Income Taxable

Is Agriculture Income Taxable

What is agricultural income?

To consider an activity as agriculture the basic operation such as tilling, sowing, irrigating & harvesting should have been carried out. Thereafter what is sold in the market should be the primary product harvested. Receipt from such sale is considered as agricultural receipt. If however some further processing or modification were done to the harvested product to enhance its marketable value then such enhanced value would be considered as business income.

Do I have to maintain any records or proof of earnings?

For every source of income you have to maintain proof of earning and the records specified under the IT Act. In case, no such records have been laid down, you should maintain reasonable level of records with which you can support the claim of income.

Is prize money won in a lottery or competition taxable?

Yes. You have to pay taxes on the prize money earned in lottery or competition.

Is Agriculture Income Taxable

Is Agriculture Income Taxable

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