INCOME TAX ON SHRIMP FARMING / AQUACULTURE BUSINESS

[pradip patwardhan]

Dear experts, I have following queries..

1)income received by an individualfrom farming of shrimps i.e. aquaculture in ponds is taxable under income tax or not??

2)income received by PVT LTD COMPANY from farming of shrimps i.e. aquaculture in ponds is taxable under income tax or not??

KINDLY REPLY..

thanks and regards,

PRADIPPATWARDHAN

AI Summary

Taxability of shrimp farming income for individuals and private companies questioned under income tax law.
Whether receipts from shrimp farming (aquaculture in ponds) constitute Income Tax-able receipts is posed as two discrete questions: the tax character of income earned by an individual and by a private limited company from shrimp farming, and whether treatment differs by taxpayer form.