is agricultural income fully exempted or not?
if not , how much are exempted?
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AGRICULTURE INCOME
Replies (2)
yes fully exempted provided that the person carried on agricultural activities by himself from cultivation till harvesting
Agricultural income earned by a taxpayer in India is exempt under Section 10(1) of the Income Tax Act, 1961. As per section 2(1A), agricultural income generally means
(a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.
(b) Any income derived from such land by agriculture operations including processing of agricultural produce so as to render it fit for the market or sale of such produce.
(c) Any income attributable to a farm house subject to satisfaction of certain conditions specified in this regard in section 2(1A).
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