is dairy farming income taxable or not??

[priyank_babblu]

hello,
i want information about dairy farming business and want to know the main thing that dairy farm business is income taxable or not ??
so please help me with correct information.

 

[ag_aman2004]

Hi

Talk to an auditor, will let you know how consider the dairy income? Different openion from different people.

Regards
Amanullah AG

 

[ksraj]

Dairy Farming-Is it Tax Free Income

No, it it is not Tax Free Income. Agriculture Income alone is Tax Free & it is defined as the Income from the sale of any product that comes out of the land. Refer to I Tax regulations.
KS Raj

 

[sampadafarms]

Sampada Farms!

No, it it is not Tax Free Income. Agriculture Income alone is Tax Free & it is defined as the Income from the sale of any product that comes out of the land. Refer to I Tax regulations.
KS Raj

Mr. KS Raj is right. Dairy income is taxable.

Regards
Sampada Farms

 

[bhadrafresh]

Spoke to an audtior about this.. all he has to say is, if milk is sold as is to milk union or private dairy, income is not taxable. If you process the milk and sell it then the income is taxable.

 

[kirankumar123]

Thanks All,

Very good info!

 

[chenna1]

Spoke to an audtior about this.. all he has to say is, if milk is sold as is to milk union or private dairy, income is not taxable. If you process the milk and sell it then the income is taxable.

Will any one confirm this opinion please. I have a presumption that the value of the dairy farm feed we grow from agriculture is not taxable. Where as the income derived by sale of milk produced in dairy farm is taxable. Probably those who are running a dairy farm with the feed grown in their own agricultural land have to show the income I mean value of the fodder separately and the income derived from actual dairy farming separately so that the income from the actual dairy only is taxable.
Siva Sankara Reddy