Tax on Income derived from Agricultural Activity outside India According to the Definition of the term “Agricultural Income” under section 2(1A), any income derived from agricultural land situated in India shall be regarded as agricultural income and only such income qualifies for exemption under section 10(1) of the Income Tax Act. If the agricultural land […]
Exempted Incomes under section 10
EXEMPT INCOME (Section 10) Section 10 is specifically dedicated to grant various exemptions to assessees of all class on Incomes earned by them. Below is a comprehensive summary of such exemptions, catch out if you could grab one:- Section Eligible Assessee Type of Income Limits Conditions for claiming Exemption 10(1) Any assessee Agricultural Income Entire amount […]
Taxation on Agricultural Income in India
Agricultural Income in India is Exempt from Tax under section 10(1) of the Income Tax Act, 1961. Agricultural Income Includes: Any rent received from land which is used for agricultural purpose. Any income derived from such land by agricultural operations including processing of agricultural produce, raised or received as rent in kind so as to […]