Question

. Describe rules relating to treatment of agricultural income

Answer 1

Answer:

Agricultural Income Tax Treatment / Taxability. Agricultural income is not taxable under Section 10 (1) of the Income Tax Act as it is not counted as a part of an individual's total income. However, the state government can levy tax on agricultural income if the amount exceeds Rs. 5,000 per year.

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Answer 2

The rules relating to agricultural income in India is exempted from taxation.

Explanation:

• According to provisions of law the revenue or rent which got from the agricultural land in India is not liable for tax. The people involved with agriculture of the land are not required to pay tax from the revenues of the land.
• There are various conditions that apply to the agricultural land. The land should be registered with the government or related to the assessment by the government officials. The agricultural income relates to any form of produce from the land in form of sale of saplings, or the hybrid seeds grown in the nurseries
• The tax is liable on the profits of income that is related to the transfer of land. The person using the land for agricultural purpose may be the owner of the land or the tenant they are referred to as 'agriculturalists' and are not liable for taxes

To know more about agricultural income

The concept of partial integration of agricultural income with non-agricultural income is applicable to _______

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