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Income tax on agriculture income
My uncle has Earned Rs.4,52,000/- from Agriculture Income and there is no other income in this year.
How much tax should be paid on this income???
Replies (1)
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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