Quick Answer: Is Fish Farming Tax Free In India?

Is fish farming taxable?

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..

How much we can earn from fish farming?

1.75 lacs by Investment of Rs. 25K Annually. On an average he earns Rs 1.75 lakh from it by incurring an annual expenditure of Rs 25,000 only.

Which fish grow faster in India?

1 Catla. Catla is the fastest growing Indian major carp species and widely distributed throughout India, Nepal, Pakistan, Burma and Bangladesh (Fig. 19).

Which income is tax free in India?

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh …

How do you calculate total income?

The formula for calculating net income is:Revenue – Cost of Goods Sold – Expenses = Net Income. … Gross income – Expenses = Net Income. … Total Revenues – Total Expenses = Net Income. … Net Income + Interest Expense + Taxes = Operating Net Income. … Gross Profit – Operating Expenses – Depreciation – Amortization = Operating Income.More items…•

Is farming tax free in India?

Agricultural income earned by a taxpayer in India is exempt under Section 10(1) of the Income Tax Act,1961. … You can have an unlimited amount of agricultural income without paying even a single rupee towards income tax.

How much agricultural income is tax free in India?

Agricultural income is not taxable under Section 10 (1) of the Income Tax Act as it is not counted as a part of an individual’s total income. However, the state government can levy tax on agricultural income if the amount exceeds Rs. 5,000 per year.

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 fish farming is profitable?

Tilapia farming is very profitable. Some of the main reasons tilapia is profitable include its high protein content, rapid growth and large size compared to other fish. Shrimp farming is another fish farming business that is considered profitable. The demand for shrimp is so high that you can start small or large.

Is tilapia banned in India?

Tilapia was banned in the country in 1959, but it has overrun lakes and reservoirs. It is an aggressive invasive entrant to India, now occupying every single water body in the State, elbowing out many native species. … “Tilapia is omnivorous and exemplifies parental care while many native species are careless parents.

Which fish is very costly in India?

The Protonibea diacanthus or the black-spotted croaker, locally known as Ghol, is touted to be the most expensive fish in India currently. Native to the Indian Ocean and Pacific Ocean, it has netted a record-breaking price at fish auctions around the coasts of Gujarat and Maharashtra.

How many fish can you have in a 1 acre pond?

Stocking density and ratio. A pond having an average water depth of 2.0-3.0 m can be stocked at the rate of about 5,000 fingerlings/ha. However, it is advocated 6,000-12,000 fingerlings/ha in the pond having an average water depth of about 2.5 m.

How much agricultural income is tax free?

Agricultural income is wholly exempt from tax provided that the individual’s i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than basic exemption limit.

How can I start fish farming?

How to start fish farming step by stepStep 1: Select an Apposite Land Area. The first step in this process is selecting a good land area. … Step 2: Pond Design and Construction. … Step 3: Selecting the Fish Species. … Step 4:Feeding the Fish. … Step5: Fish Harvesting. … Step6: Marketing the Fish.

Which is the tax free state in India?

Benefit for the people of Sikkim People living permanently in the state of Sikkim do not have to pay tax for their income whatever the income is since Sikkim is income tax-free state in India.