Fields
Rice And Crop Fields, Farmland
noun
We're talking about both a rice paddy and the other fields where farmers grow crops. So, this means fields, or more precisely rice and crop fields. It's all about farmland.
The readings come from what you learned with the kanji. 畑 uses the shorter はた reading that you learned.
今時田畑を機械を使わずに耕すなんて、時間の無駄だよ。
Nowadays ploughing fields without any machinery is a waste of time.