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Taxing Agriculture

Taxing Agriculture






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    Taxing Agriculture Taxing Agriculture Presentation Transcript

    • TAXING AGRICULTURE An Economic Necessity Group 11 Yudhir Agrawal Akash Mittal
    • What is agricultural income?
      • Income from agricultural operations on land
      • Income from sale or processing of agricultural produce raised on agricultural land
      • Income from rent of agricultural land
    • Statistics and Facts
      • Agriculture provides employment to approx. 60% of Indian population
      • Agriculture contributes approx. 20% of Indian GDP
      • As per the Indian Constitution, Agricultural Tax is the purview of State Governments
    • Statistics and Facts
    • Statistics and Facts
    • Target Population
      • Adding those individuals into the tax net who evade taxes by falsely showing their income as agricultural income
      • Adding more individuals to the tax net, who generate agricultural income and are worthy of contributing to the development of the country
    • The way to go…
      • Instructing states for strict implementation of agriculture tax and giving incentives to the states doing so
      • Redistributing tax collected from agriculture to the states in the same proportion
      • Making necessary constitutional changes to implement the taxation if states fail to act earnestly
    • The way to go…
      • Individuals can be included into the net by defining “Consumption Points” and maintaining accurate records of the same
      • Tax slabs and rates should be same
      • Generated revenue to be used only for agriculture infrastructure enhancement and increasing subsidies and crop insurance
    • Benefits
      • To curb evasion of tax in the pretext of agricultural income and also curb conversion of black money into white
      • Encourage environmentally friendly land use because of targeted tax incentives for conservation and land preservation activities and reduced tax benefits for harmful practices
    • Pitfalls
      • The rural rich save most of their money in the form of gold. Until gold trading is fully regulated and considered as a consumption point, the rural rich will escape from the tax net
      • Agricultural tax can be evaded under the pretext of a joint family system
      • THANK YOU