Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 16 January 2017
Agricultural income is exempt from Income Tax under section 10(1) of the Income Tax Act, 1961. However, its included, for rate purposes, in computing the Income Tax Liability if following two conditions are cumulatively satisfied:
1) Net agricultural income exceeds Rs. 5,000 /-
2) Income excluding agricultural income exceeds Rs. 2,50,000 /-
Since in your case, there is no other income other than agricultural income, there is no income tax liability.
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