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
Famous quotes containing the word income:
“The question for the country now is how to secure a more equal distribution of property among the people. There can be no republican institutions with vast masses of property permanently in a few hands, and large masses of voters without property.... Let no man get by inheritance, or by will, more than will produce at four per cent interest an income ... of fifteen thousand dollars] per year, or an estate of five hundred thousand dollars.”
—Rutherford Birchard Hayes (1822–1893)