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agriculture income
if assesee has only agriculture income of 10 lakhs or more then is there any tax liablity arise??
Replies (5)
As per Section 10(1) your whole agriculture income is exempt from tax.
but it has some conditions like 5000 non agri income etc etc..can you clear me please
There are 2 conditions if Agri income is more than 5000 and also it is more than basic exemption limit than for tax computation it will be counted but not taxed
This will be counted just because to taxed other income at higher rates. but agri income is exempt from tax...Also there are conditions for agriculture income. If that conditions doesnt fulfilled than it would not be an agri income and will be liable for tax.
Agree with Nikhil
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