I have agriculture income and business income as well. I want to inflate my income by including agriculture income. But as i know it is included only for tax calculation purpose since it is exempted income. I want to show both business and agri income in ITR. Please suggest me how to show this income in ITR.
1 Replies
vikas
(student )
(139 Points)
Replied 08 July 2013
Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However
while computing tax on non-agricultural income agricultural income is also taken into consideration .
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