Published on April 26, 2014
AGRICULTURAL INCOME INCOME TAX ACT - 1961
Agricultural Income The Income which received from Agriculture source is called Agricultural Income.
Definition U/S 2(IA) • Agricultural Income Is Fully Exempted as per Income Tax Act 1961 U/S 10(1) Agricultural Income includes the following (a).Any Rent or Revenue derived from Agricultural Land situated in India
(b) Any Income From (i) Cultivation of Agricultural Land (ii) a process carried on to make the produce or rent in kind marketable. (iii) From sale of Agricultural produce
(c) Income From Agricultural House property
TYPES OF AGRICULTURAL INCOME 1. RENT OR REVENUE 2. CULTIVATION OF LAND 3. INCOME FROM A PROCESS 4. INCOME FROM SALE OF PRODUCE 5. INCOME FROM LET OUT AGRICULTURAL H OUSE PROPERTY
TESTS TO DETERMINE AGRI INCOME • INCOME IS DERIVED FROM LAND
LAND MUST BE USED FOR AGRICULTURE PURPOSE
LAND MUST BE SITUATED IN INDIA
Agricultural Incomes • (a) Income from sale of replanted trees. • (b) Rent received for agricultural land. • (c) Income from growing flowers and creepers. • (d) Share of profit of a partner from a firm engaged in agricultural operations. • (e) Interest on capital received by a partner from • a firm engaged in agricultural operations. • (f) Income derived from sale of seeds.
Non Agricultural Incomes • (a) Income from poultry farming. • (b) Income from bee hiving. • (c) Income from sale of spontaneously grown trees. • (d) Income from dairy farming. • (e) Purchase of standing crop. • (f) Dividend paid by a company out of its agriculture income.
(g) Income of salt produced by flooding (h) Royalty income from mines. (i) Income from butter and cheese making. (j) Receipts from TV serial shooting in farm house is not agriculture income.
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