Economy

The definition of “Agriculture Income” has been defined in “Section – 2 (1A), Income-tax Act, 1961-2015” .. this definition as per act is as follow, (1A) 1“agricultural income”2 means—     (a)  any rent or revenue derived from land which is situated in India and is used for agricultural purposes;     (b)  any income derived … Read more

If you have already read “Agriculture & India’s Income Tax : Part 1 – Meaning of “agricultural income” continue with this post. Question: I am a Farmer / an agriculturist. Is my income taxable ? Answer: As per section10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined … Read more