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Neil Paul   12 August 2021

Is Agricultural Income Taxable?

Greetings to Respected Experts!

I have a query related to agricultural income from a friend Nilesh Saini who works as a Software Developer in Gurugram. He owns an agricultural land now located in Jhajjar District of Haryana, after partition of the property of the family, in year 2015. Last year he used the portion of land for agricultural practice and earned Rs. 3 Lakh from the same. Being naive in the agricultural business, he wishes to know if the agricultural income is taxable or not and if it is, then what percentage has to be given as Tax and can he use his personal CA that looks in the matters of his income and Income Tax or will he need to proceed to some other Government Body for the same. If more information is required like the cost of seeds, farmers pay etc. Please let me know, I will come back with more details.

Thanks & Regards


 3 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     13 August 2021

Agriculture income is not taxable as of date. However, it should be shown in the Income Tax return under Exempted Income with full details. It is better, he takes the assistance of an Income Tax Practitioner or a Chartered Accountant, at least while filing ITR with Agriculture income for the first time.

1 Like

Kevin Moses Paul   13 August 2021

Greetings!

For adequate information on the said topic go through the link given below as I've explained the Concept of Income incurred through Agricultural land in it.

https://www.lawyersclubindia.com/forum/details.asp?mod_id=215845

The link will help you attain more input on the topic with clarity.

Hope It Helps!

Regards
Kevin M. Paul

GANDHI MOHAN BHARATI (Pensioner)     14 August 2021

Agricultural Income is added to the other income under Income Tax Act. The Tax on Total so arrived is calculated first (A). Then the Tax on Agricultural Income is calculated as if that is the total Income(B). Final Tax payable is arrived at (A) -(B). Thus the Agricultural Income has the effect of raising the Tax slab of one's other Income

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