Agricultural Income
Agricultural income is exempt from tax by virtue of section 10(1). Section 2(1A) defines agricultural income as :-
- Any rent or revenue derived from land, which is situated in India and is used for agricultural purposes.
- Any income derived from such land by agricultural operations including processing of agricultural produce, raised or received as rent-in-kind so as to render it fit for the market or sale of such produce.
- Income attributable to a farm house (subject to some conditions).
- Income derived from saplings or seedlings grown in a nursery.
Read more about this topic: Income Tax In India
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