Agricultural income

This query is : Resolved

Share Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2012 Does income from agriculture about 50 lacs per annum taxable as per IT act

prasad

prasad (Expert)
Follow

28 October 2012 No. No Agri. Income is taxable. No limit is specified in the Income Tax Act.

If The income from non agri income is above the basic taxable limit then, the agri income is considered only for Rate purpose. The agri Income is fully exempt under The IT Act.

Message likes : 1 times

CA GAGAN KHARBANDA

CA GAGAN KHARBANDA (Expert)
Follow

29 October 2012 yes, Agreed with Mr. Prasad...Agriculture Income in india is fully exempt.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

03 November 2012 There is no Income Tax payable on Agricultural Income if there is no other income if you have any other income then the other income and agricultural income will be added and the tax shall be charged accordingly for rate purpose and rebate will be allowed

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now