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Tag Archives: agricultural income

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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