Agriculture income

if we have agriculture income then what is the taxability??
Replies (5)
Quick Summary
Agriculture income in India is generally exempt from tax under Section 10(1) of the Income Tax Act. However, if your agriculture income exceeds Rs. 5,000 and your total income is above the basic exemption limit, it is added to your total income to determine the applicable tax rate. The tax is then calculated based on specific rules, potentially involving a rebate if you also have business income.

Exempt
If agriculture income exceeds Rs.5000 and total income is above basic exemption limit than in following manner tax liability should determined:
first calculate tax on total income including agriculture income as per normal slab.
then calculate tax on agriculture income plus basic exemption limit. this is to be deducted fron above step.
after deducting it amount remaining will be increased with surcharge and cess, interest and amy penalty.
By default, agricultural income is exempted from taxation and not included under total income. The Central Government can't impose or levy tax on agricultural income. The exemption clause is mentioned under Section 10 (1) of the Income Tax Act of India.
The agri income is exempt but added to Total income for determining tax rate purposes.

Agri income above 5000/- require land details and other details as to crop yield etc.
By default agriculture Income is exempted, if you have agriculture Income and business income both then it taxable after rebate.provided your agricultural income is exceeding 5000.

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