agriculture income
Sagar Chaudhary (25 Points)
21 December 2017
if assesee has only agriculture income of 10 lakhs or more then is there any tax liablity arise??
5 Replies
Nikhil Bhanushali
(CA Final)
(142 Points)
Replied 21 December 2017
As per Section 10(1) your whole agriculture income is exempt from tax.
Sagar Chaudhary
(25 Points)
Replied 21 December 2017
but it has some conditions like 5000 non agri income etc etc..can you clear me please
Nikhil Bhanushali
(CA Final)
(142 Points)
Replied 21 December 2017
There are 2 conditions if Agri income is more than 5000 and also it is more than basic exemption limit than for tax computation it will be counted but not taxed
Nikhil Bhanushali
(CA Final)
(142 Points)
Replied 21 December 2017
This will be counted just because to taxed other income at higher rates. but agri income is exempt from tax...Also there are conditions for agriculture income. If that conditions doesnt fulfilled than it would not be an agri income and will be liable for tax.
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