WebMar 12, 2016 · It’s reasonably well known that income from agriculture attracts no tax in India. What isn’t quite as well known is that of more than 400,000 taxpayers claiming exemption for agricultural income in the assessment year 2014-15, the biggest were seed giant Kaveri Seeds—it claimed Rs 186.63 crore exemption and made a profit of Rs 215.36 ... WebMar 3, 2024 · The income will generally be taxable at 10% on gross basis. Any gains derived by transfer of shares in a technology company will be taxable at 20% to 30% of the gains, depending on the period for which the investment is made. A foreign investor will also be subject to such taxation.
Agricultural Land does not fall under Capital Asset u/s 2(14) of the ...
WebApr 11, 2024 · Section. Agriculture income is not taxed under any section of the Income Tax Act in India. As per Section 10 (1) of the Income Tax Act, 1961, agriculture income is exempt from income tax. This means that if a person earns income solely from agricultural activities, they do not have to pay income tax on that income. WebNov 1, 2024 · Normal Income Tax The farmer has no choice when to pay income tax as a Presumptive tax. However, a farmer can choose whether to pay income tax as Turnover tax or under the normal Income tax regime as long as … hill view residency kothrud
Agricultural Income - Meaning, Types, Taxation & Tax Calculation
Web10 rows · Apr 28, 2024 · Let us say that an Individual Assessee Mr X has a total income of INR 9,00,000/- and does not have ... WebThe credit is 25 per cent of the eligible amount of a farming corporation’s qualifying gifts for the tax year. The credit is available to farming corporations who make a gift of … WebDec 3, 2024 · However, if your agricultural income exceeds Rs. 5,000 and you have other sources of income, your tax burden for that year must be assessed as follows: Calculate income tax on the aggregate income (agricultural income plus other income) using the current income tax rates. Calculate income tax on the total of the basic exemption limit ... smart business dealmakers