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Income Tax

Income Tax related News, Articles and Information

Can a minor apply for PAN Card?

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Yes. A minor can apply for PAN Card (Permanent Account Number) represented by either parent.  Is PAN card required for a minor? In our practice, we have come across many people who seeks our services to obtain PAN card for their ‘just born’ or ‘just started walking’ kids! When such ...

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What constitutes Agricultural Income?

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Agricultural Income is exempt from income tax as per Section 10 of Income Tax Act, 1961. However, for those people who have non-agricultural income (such as business or salary, etc.) the agricultural income is included for the purpose of computing the tax. Suppose, by including agricultural income, the aggregate income ...

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Why agricultural Income is exempt from Income Tax?

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The Constitution of India allocates the power of levy of taxes between the Central Government and the State Governments. Article 246 of The Constitution of India, 1949 reads as under – “Subject matter of laws made by Parliament and by the Legislatures of States (1) Notwithstanding anything in clauses ( 2 ...

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