Neil Paul 12 August 2021
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.
Kevin Moses Paul 13 August 2021
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