hi all,
please help me with how to calculate agriculture income and exemptions in it.
thanks in advance
3 Replies
Vikas Sharma
(4 Points)
Replied 19 September 2019
How much tax benefit can be taken as maximum? Vikas InsuringGurgaon
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 19 September 2019
1. Agriculture incomes are basically exempted from payment of tax u/s 10(1).
2. There are incomes which are categorized as agricultural income as per sec 2(1A).
3. Make sure your income falls under the above agricultural activities. If you have income other than agricultural income to the extent of basic exemption limit non-agricultural income will be exempted. Over and above the basic exemption income will be subject to tax based on particular calculation.
Please correct me if the above solution has an alternative view.
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