Limit for non taxability of agriculture income
This query is : Resolved
17 August 2014
Dear All,
In the previous query ,I got a tax on agriculture income.
What are the limits for non taxability of agriculture income ?
17 August 2014
There are 2 conditions to be satisfied
1) You should be an agriculturist AND
2) Yous should receive agricultural Income (within the Definition of IT Act)
If you satisfy both the conditions, the agricultural income us exempt without any limit. Only thing is - in case you also receive non agricultural income, then for determining the tax slab for this non agricultural income, non agricultural income is also considered (though there is no actual tax on agricultural income)
1) You should be an agriculturist AND
2) Yous should receive agricultural Income (within the Definition of IT Act)
If you satisfy both the conditions, the agricultural income us exempt without any limit. Only thing is - in case you also receive non agricultural income, then for determining the tax slab for this non agricultural income, non agricultural income is also considered (though there is no actual tax on agricultural income)
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