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agricultural income
income received from letting of a land situated in india, which is used for agricultural operations.
Replies (7)
exempt
exempt under section 10(1) but it will be consider for income tax computation
exempt but why it is used for agricultural operations?
agriculture income is exemt but tax on it collected from other income head.
tax is charged but indirectly
In the following case agriculture income is exempt:
*any rent derived from land situated in india and used for agriculture purpose.
*income by renting agriculture land or any process by cultivator
*any rent derived from land situated in india and used for agriculture purpose.
*income by renting agriculture land or any process by cultivator
Agriculture income AI is exempt u/s 10(1).
however AI is taxable if it exceeds RS.5000 p.a
and non AI exceeds basic exemption limit.
however AI is taxable if it exceeds RS.5000 p.a
and non AI exceeds basic exemption limit.
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