What Is Agriculture Income In Hindi

The net agricultural income should exceed rs.

Eamcet important chapters maths. Agriculture incomethis income is exempt from income tax under section 101definition of agricultural incomeagricultural income is defined under section 21a of the income tax actas per this section agricultural income generally meansrent or revenue derived from landincome from agriculture opera. It is usually the only source of income for the large rural population in india. Agricultural income is defined under section 21a of the income tax act.

Farmers are for instance exempted from paying any tax on their agriculture income under the income tax laws in india. If the agriculture income is less then 5000 in the financial year is exempted. Agricultural income earned by a taxpayer in india is exempt under section 101 of the income tax act 1961.

Indian agriculture information in hindi pdf notes aa sarkariexamhelp aa competitive exams a sarkari exam u l indian agriculture information in. The country as a whole is entirely dependent on agriculture for its basic food requirements. Under section 21a of the income tax act income from agriculture is exempted by the central government of india the state government must levy the tax on agriculture income.

Agriculture is said to be the primary occupation in india. According to this section agricultural income. Agricultural income is defined under section 21a of the income tax act 1961.

From the surface it appears that agriculture income is exempt from income tax but its not as easy as it appears. In india agricultural income refers to income earned or revenue derived from sources that include farming land buildings on or identified with an agricultural land and commercial produce from a horticultural land. Yes it is true that it is tax free but the freedom arises neither by virtue of an increase in the tax threshold which remains put at rs 50000 nor by exemptions offered by sec.

Today agriculture plays a vital role in indias economy and over 50 of indias workforce is engaged in agricultural activities. As per section 21a agricultural income generally means a any rent or revenue derived from land which is situated in india and is used for agricultural purposes. As per section 21a of the income tax act 1961 unless the context otherwise requires the term agricultural income means.