Agriculture Income

This query is : Resolved

Share Report Follow Query Ask a Query

Harpreet Kaur

Harpreet Kaur (Querist)
Follow

10 September 2010 Why is agriculture income exempt..? wot are the reasons ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

10 September 2010 To Promote the Agriculture industry and increase the Agricultural production, motivate the Entrepreneurs in the Agriculatural Industry

Harpreet Kaur

Harpreet Kaur (Querist)
Follow

10 September 2010 I mean some other reasons like union and state govt decides something over it..actually this question was asked in an interview and they wanted to knw why govt exempted agriculture income..? help.?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

10 September 2010 As per sec.10(1) exempts the agricultural income from Income tax, the reason behind this, the Indian constitution gives exclusive power to make laws with respect of taxes on agriculture at state legislature. so Agriculatural income not covered and exempted under Income tax which is governed by Central Govt as per constituion

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

10 September 2010 AGREE WITH SIR CMA KRISHNAN JI
AGRICULTURE INCOME AS DEFINED IN SECTION 2(1A) ,

SECTION 10(1) OF THE INCOME TAX EXEMPTS AGRICULTURE INCOME FROM TAXATION BY THE CENTRE. FOR THE PURPOSE OF THIS EXEMPTION THE "EXPRESSION AGRICULTURE INCOME " IS DEFINED IN SUB CLAUSE 1A OF SECTION 2.

THIS EXEMPTION IS NECESSITATED BY VIRTUE OF "ARTICLE 270 OF THE CONSTITUTION OF INDIA " UNDER WHICH THE CENTRAL LEGISLATION IS NOT COMPETENET TO IMPOSE TAX ON AGRICULTURE INCOME . THE STATE LEGISLATION IS ALONE COMPETENE TO TAX AGRICULTURE INCOME .

IN EXERCISE OF THE POWER UNDER CONSTITUTION, MANY STATE GOVERNMENT HAVE IMPOSED TAX ON AGRICULTURE INCOME AS LIKE (ASSAM,WEST BENGAL, ORISSA, RAJASHTHAN, AND U.P., KERALA,BIHAR, ANDHRA PARDESH)
HOPE YOU WILL SATISFY .

REGARDS,

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

madhu sudan

Jaya Ladhwani

Rampal Saini

Vidit Ratanghayra

K.S. ANANTHARAJAN

Subscribe Now

Agriculture Income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA