Upload
neelu333
View
629
Download
0
Embed Size (px)
DESCRIPTION
AGRICULTURAL INCOME
Citation preview
AGRICULTURAL INCOMEINCOME TAX ACT - 1961
Agricultural Income The Income which received from
Agriculture source is called Agricultural Income.
Definition U/S 2(IA)
•Agricultural Income Is Fully Exempted as per Income Tax Act 1961 U/S 10(1)
Agricultural Income includes the following
(a).Any Rent or Revenue derived from
Agricultural Land situated in India
(b) Any Income From
(i) Cultivation of Agricultural Land
(ii) a process carried on to make the
produce or rent in kind marketable.
(iii) From sale of Agricultural produce
(c) Income From Agricultural House property
TYPES OF AGRICULTURAL INCOME1. RENT OR REVENUE
2. CULTIVATION OF LAND
3. INCOME FROM A PROCESS
4. INCOME FROM SALE OF PRODUCE
5. INCOME FROM LET OUT AGRICULTURAL H OUSE PROPERTY
TESTS TO DETERMINE AGRI INCOME
• INCOME IS DERIVED FROM LAND
LAND MUST BE USED FOR AGRICULTURE PURPOSE
LAND MUST BE SITUATED IN INDIA
Agricultural Incomes• (a) Income from sale of replanted trees.• (b) Rent received for agricultural land.• (c) Income from growing flowers and
creepers.• (d) Share of profit of a partner from a firm
engaged in agricultural operations.• (e) Interest on capital received by a partner
from • a firm engaged in agricultural
operations.• (f) Income derived from sale of seeds.
Non Agricultural Incomes• (a) Income from poultry farming.• (b) Income from bee hiving.• (c) Income from sale of spontaneously
grown trees.• (d) Income from dairy farming.• (e) Purchase of standing crop.• (f) Dividend paid by a company out of its
agriculture income.
(g) Income of salt produced by flooding
(h) Royalty income from mines.(i) Income from butter and cheese making.
(j) Receipts from TV serial shooting in farm house is not agriculture income.