Agricultural and non agricultural income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2013
Why do we add the basic exemption to the agricultural income if the agricultural income exceeds the basic exemption, while calculating the tax on the agricultural income?
CA UMESH DULAL
(Expert)
09 October 2013
Income tax is collected by Central Government (CG) and CG does not have power to tax the agriculture income. The power to tax ag income lies with state governments.
So the CG has devised above formula to tax agriculture income indirectly.
So the CG has devised above formula to tax agriculture income indirectly.
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