Agriculture income
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Agriculture income derived from land in India used for agricultural purposes is exempt from income tax under Section 10. Agriculture income includes: (1) rent or revenue from land; (2) income derived from land through agriculture or processing agricultural produce; and (3) income from farm buildings used as dwellings or stores by cultivators. Some specific examples of agriculture income outlined in the document are income from crops, livestock, coconuts, grass, flowers, insurance compensation for damaged crops, and sale of seeds grown by the assessee. Non-agriculture income examples provided are income from forests, salt production, stone quarries, dairy, poultry, fisheries, royalties, brick making,
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Agriculture income is exempt from income tax, but is included in total income to determine the applicable tax rate for non-agricultural income. Agriculture income includes any rent or revenue from land used for agricultural purposes in India. It also includes income derived from agricultural processes performed on crops and the sale of crops that underwent these processes. Agriculture income exemption can only be claimed by land owners and cultivators. Integration of agriculture and non-agricultural income is done when non-agricultural income exceeds the basic exemption limit and agriculture income exceeds Rs. 5,000. Integration may result in additional tax liability if the total income falls in higher tax slabs.
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Any income derived from commercial sale of produce gained from an agricultural land
Any income from farm building.
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Income should be from an existent piece of land in India ;
Income should be from a piece of land that is used for agricultural operations ;
Income should stem from produce achieved after cultivation of the land. Cultivation of land is a must ;
Income can be from a land that is not under the assessee’s ownership. i.e. ownership of Land is not essential.
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- Other common taxable perquisites include utilities like gas, electricity and water paid by the employer, as well as facilities like transport and education for employees' families.
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3. The document also explains the difference between direct and indirect taxes, taxation system in India, types of taxation including progressive, regressive and proportional, and income tax computation process.
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The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
Taxation of agricultural income
What is Agricultural Income ?
Section 2 (1A) of the Income tax Act,1961
Agricultural income means :
Revenue generated through rent or lease of a land in India that is used for agricultural purposes ;
Any income derived from commercial sale of produce gained from an agricultural land
Any income from farm building.
Key points to validly classify an income as “agricultural income”
Income should be from an existent piece of land in India ;
Income should be from a piece of land that is used for agricultural operations ;
Income should stem from produce achieved after cultivation of the land. Cultivation of land is a must ;
Income can be from a land that is not under the assessee’s ownership. i.e. ownership of Land is not essential.
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The document discusses various types of perquisites that are taxable in the hands of an employee. It defines perquisites as casual emoluments or benefits provided to an employee in addition to their salary. Some key points include:
- Rent-free accommodation provided by the employer is taxable as a perquisite. The taxable amount depends on factors like location and whether the property is owned or rented by the employer.
- Other common taxable perquisites include utilities like gas, electricity and water paid by the employer, as well as facilities like transport and education for employees' families.
- There are certain exemptions, like a fixed allowance of up to Rs. 100 per child for education or Rs. 300
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This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. It exempts agricultural income from taxation under section 10(1) of the Act. The document outlines the various types of agricultural income, including income from cultivation, agricultural processes, sale of produce, and renting agricultural property. It also discusses the tests to determine what qualifies as agricultural income and provides examples of agricultural and non-agricultural incomes. The document concludes with an explanation of how agricultural income is integrated with non-agricultural income for taxation purposes when thresholds are exceeded.
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The document discusses taxing agricultural income in India. It notes that agriculture provides employment to 60% of the population and contributes 20% to GDP. Currently, agricultural tax is determined by state governments according to the constitution. Taxing more agricultural income could add more taxpayers and revenue to support development. The document proposes defining consumption points, using tax revenues for agriculture infrastructure, and addressing potential pitfalls like tax evasion through joint family systems.
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This document discusses the definition and computation of agriculture allowances under Malaysian tax law. It defines qualifying agriculture expenditures that allowances can be claimed on, such as land clearing and preparation, new planting, and construction of roads, buildings, and structures on farms. It provides the rates of allowances for different types of qualifying expenditures. It also addresses the treatment of allowances on the disposal or transfer of assets, including apportioning allowances between the transferor and transferee. Agriculture charges that may arise from government grants are also discussed.
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ITFT- INCOME TAX
Agricultural income refers to income generated from agricultural sources and is fully exempt from income tax under section 10(1) of the Income Tax Act of 1961. Agricultural income includes (1) rent or revenue from agricultural land in India, (2) income from cultivating agricultural land or processing agricultural produce to make it marketable, and (3) income from the sale of agricultural produce. Some examples of agricultural income include income from the sale of replanted trees, rent received for agricultural land, and income from growing flowers and creepers.
Tax ppt (2)
Agricultural income earned in India is exempt from income tax under section 10(1) of the Income Tax Act of 1961. This includes income from agricultural operations, rent from agricultural land, income from a farm house, and income from nursery operations. Agricultural income is fully exempt if total income excluding agricultural income is less than the basic exemption limit. If total income exceeds the exemption limit, tax is calculated after increasing the basic exemption limit by the amount of net agricultural income.
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Agricultural income earned in India is exempt from income tax under the Indian Income Tax Act. This exemption applies to income from agricultural operations, rent from land used for agriculture, and income from farm houses situated near the agricultural land. Certain types of income like dairy farming, beekeeping and sale of spontaneously grown trees are not considered agricultural income. If an individual, HUF, AOP, BOI or artificial juridical person has agricultural income over Rs. 5,000 and non-agricultural income exceeding the basic exemption limit, their total income is assessed by adding agricultural and non-agricultural income.
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This document provides an overview of key concepts in Indian income tax law, including:
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- What constitutes agricultural income and exclusions from total income calculations.
- The different heads of income and process for calculating total income.
- Examples of income that would fall under different sources like salary, business, capital gains.
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Agriculture income
- 1. AGRICULTURE INCOME CA BALA YADAV
- 2. There are certain incomes exempt from income tax as per section 10
- 3. Section 10 (1) AGRICULTURE INCOME EXEMPT FROM TAX
- 4. Q. What is Agriculture Income? Section 2(1A) •Any rent or revenue derived from land •Any income derived from such land by agriculture or from processing of agriculture produce •Any income from farm building i.e. farm house Explanation 3 : Any Income from sampling or seedlings grown in NURSERY shall be deemed to be a agriculture.
- 5. Subject To 3 Conditions INCOME FROM LAND LAND SITUATED IN INDIA LAND USED FOR AGRICULTURE PURPOSE
- 6. RENT OR REVENUE DERIVED FROM LAND Rent Rent should be the payment made in Cash or Kind or Money or Money’s worth. By one person to another In respect of a grant of a right to use land. Revenue Any revenue means Rent Income which falls under section 2(1A) (b) and (c). If the immediate and effective sources is not land, the income cannot be considered to be agriculture income.
- 7. Dividend: from a company carrying agriculture activities? Questions: Agriculture income or not Loan obtained by the shareholders out of accumulated profits of a company carrying agriculture operations? Interest on arrears of cess or rent payable by the tenant to his land lord? Commission earned by the broker on selling agriculture produce of n agriculturist? Salami or Nazrana paid?
- 8. Any income derived from such land by agriculture operations Operations include: 1. Processing of agricultural produced 2. Raised or received as rent in kind Soas to render it for market, or Sale of such produce. Three instances of agriculture income : Standing Crop Raw Produce after harvest Sold by agriculturist himself 1. (i)
- 9. (ii) Crop used as raw material by the cultivator in his business. 2. PROCESS EMPLOYED ON PRODUCE TO MAKE IT FIT FOR MARKET. The gain in the value of the produce, by such Marketing Process or Agriculture Process, is also classified as AGRICULTURE INCOME.
- 10. 3. Income From Farm House Subject To Certain Conditions : 1. Building- Where it should be situated ? On or Immediate Vicinity Of Land. Land situated in India and used for agriculture purpose. 2. It is occupied BY Cultivator or Receiver of rent or revenue. 3. It is used as: a) Dwelling House b) Store House 4. It should be assessed to land revenue or local rate. Note: If not assessed to local rate or land revenue, then land should be situated in Rural Area.
- 11. Agriculture Income Includes: Income From Toddy If, Actual Cultivator of the trees receives income. Income From Rubber If, owner himself performs slaughter tapping.
- 12. Agriculture Income Includes: LEASE RENT FROM COCONUT GARDEN Lease Rent From land leased out for grazing cattle. If, lessee pays rent and takes coconut during the term of lease Deliver possession of the coconut garden to lessor at the term end. If , lease out for grazing of cattle for agriculture pursuit.
- 13. Agriculture Income Includes: Sale of Grass Sale from flowers & creepers If, grass is grown by human effort. All basic operations would have been performed If, Income is from GROWING flowers & creepers.
- 14. Agriculture Income Includes: Insurance Compensation On account of damaged caused to the crops Sale of seeds Derived on account of cultivation by the assesse is an agriculture income.
- 15. NON- AGRICULTURE INCOME Income From Sale of forest, trees etc. grown without human effort salt produced by flooding the land with sea water & extracting thereon Stone Quarries Breeding of livestock Dairy farming, butter & cheese Poultry Farming Fisheries / Royalty of Mines Preserved Potatoes Brick Making Supplying surplus water to agriculturist Interest on arrears on rent Rent for Land/ godowns for storing crops
- 16. THANK YOU