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
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.
