how much agriculture income is tax free

252 views 6 replies
how much agriculture income is tax free?

Is Agriculture income can used for non agricultural payments like loan installment.
Replies (6)

" how much agriculture income is tax free? "

Unlimited........... but should be justifiable ......

"Is Agriculture income can used for non agricultural payments like loan installment."

Yes.....

As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax.

assessee liable to pay tax on agriculture income if , 

  1. the net agricultural income is more than RS 5,000
  2. and total income excluding agricultral income is more than basic exemption limit i.e., RS 2,50,000

 

Both the above replies about the taxability of agriculture income by Naveen Chand are confusing and contradictory. Will somebody elaborate?

If assessee have only agriculture income then its fully exempted in income tax.that income can be used for non agriculture payment also.

If assessee have non agriculture income which is taxable to income tax and that amount is more than Rs.2,50,000.then agriculture income is taxable in indirect way called partial integration.for more information refer,

https://vle.du.ac.in/mod/book/print.php?id=12490&chapterid=26107

Checked in the link provided and got satisfied. Thanks, Vignesh.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register