Question

why do you mean by agriculture income
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Answer 1

Answer:

Agricultural income refers to income earned or revenue derived from sources that include farming land, buildings on or identified with an agricultural land and commercial produce from a horticultural land. Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961.

Answer 2

Answer:

The Indian Income tax act of 1961 has given a definition of agricultural income under Section 2(A). Below is the simplified explanation of the description. Read on!

1 . Income or rent generated from land used for agricultural activities. The land must be situated in India.

2 . Profits derived from such land by carrying out agricultural tasks, including the processing of produce to make it suitable for sale in the market.

3 . Subject to terms and conditions stated in Section 2(1A), income attributable to a farmhouse is also considered as agricultural income. Also, income earned by selling saplings and seeds grown in a nursery will be considered as agricultural income.