What does agriculture include? Agriculture includes aquaculture, horticulture, dairy farming, poultry, breeding of livestock, plantation, apart from growing crops. Are BBMP Officials agriculturists, who cut trees in the city of Bangalore? No. cutting of trees or wood/timber is a business! The land used for agriculture purposes is called as Agricultural …
Read More »Should I pay Income Tax on profit from sale of motor car?
Generally revenue receipts are taxable under Income Tax Act. However, capital receipts from the transfer of a capital asset are taxable as capital gain tax. Does that mean gains from sale of all assets are taxable? Not really. The Act has clearly defined the meaning of capital asset. Let’s …
Read More »