Agricultural income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 October 2012
Does income from agriculture about 50 lacs per annum taxable as per IT act
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.
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 :
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CA GAGAN KHARBANDA
(Expert)
29 October 2012
yes, Agreed with Mr. Prasad...Agriculture Income in india is fully exempt.
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
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