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Tax on agriculature income

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 July 2012 dear sir,
tax will be applicable on agriculature income or not. pls explain me.
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Unnikrishnan

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Unnikrishnan (Expert)
31 July 2012 Sir,

Agricultural income is exempt tax by virtue of Sec 10(1) of the IT Act.

For a defenition of "Agricultural income: - See Section 2(1A).

Note- It is still to be considered for arriving at the applicable rate slab of such assessee in cases where assesee has income chargheable under other heads
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
31 July 2012 Agricultural income is exempt from tax.

However, it is added to the total income for rate purposes only.
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CA BHARATH KUMAR

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CA BHARATH KUMAR (Expert)
01 August 2012 agricultural income exempt from tax under sec 10(1)

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