Is agricultural income taxable when other sources income is Rs. 3021
and agricultural income is Rs. 1508891 in financial year 18-19.
Thanks in Advance
Menu
Agricultural Income Taxability
Replies (3)
Agriculture income is exempt but concept of partial intigretion is applicable... above incomes you mentioned even partial intigretion applicable but tax amount NIL
Agriculture income as such is tax free.
However it is considered as income for determining the effective tax for other sources of income.
in your case there is Nil tax
However it is considered as income for determining the effective tax for other sources of income.
in your case there is Nil tax
1. Agricultural income is basically exempted from payment of tax u/s 10(1).
2. However for the purpose of determining the effective tax for non-agricultural income basic exemption limit is to be considered. In your case since other income is below the basic exemption limit, there will not be any tax liability.
Please correct me if the above solution has an alternative view.
Recent Topic
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
- Correct way to show income from annuity in ITR
- ITR 3 issues
- What after death of proprietor
Related Topics
CAclubindia
