Agriculture income under it act ,1961
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The document discusses agricultural income under the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources and notes that it is fully exempted under section 10(1) of the Income Tax Act. The summary lists the key types of agricultural income as including rent or revenue from agricultural land, cultivation of land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also provides tests for determining what constitutes agricultural income and discusses when integration of agricultural and non-agricultural income is required for tax calculation purposes.
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Agricultural income
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
Agriculture income
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,
Agricultural income in Indian Income Tax Act 1961
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. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
Agricultural income - Relevant Income Tax Issues
This presentation helps in understanding the meaning of Agriculture Income, its taxability, various issues pertaining to the understanding of agriculture and what will qualify as agriculture income. When the said income will be exempt ?
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.
AGRICULTURAL INCOME
The document discusses the meaning and definition of agricultural income under the Indian Income Tax Act of 1961.
[1] Agricultural income includes income from agricultural land used for cultivation, processing of produce to render it fit for market, and income from farm houses meeting certain conditions.
[2] It must involve human labor and skill on the land for cultivation, protection, and maintenance to qualify as agricultural income.
[3] Certain incomes like dairy, poultry, livestock are not considered agricultural, while others like tree cultivation, rent from farmland, and crop insurance payouts are.
Comprehensive study of agricultural income
A comprehensive and detailed analysis of agricultural income and taxation of the same. The article encompasses professional income, capital gains and method of computation of tax. Landmark case laws have also been included.
Income from house property
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
Recommended
Agricultural income
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
Agriculture income
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,
Agricultural income in Indian Income Tax Act 1961
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. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
Agricultural income - Relevant Income Tax Issues
This presentation helps in understanding the meaning of Agriculture Income, its taxability, various issues pertaining to the understanding of agriculture and what will qualify as agriculture income. When the said income will be exempt ?
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.
AGRICULTURAL INCOME
The document discusses the meaning and definition of agricultural income under the Indian Income Tax Act of 1961.
[1] Agricultural income includes income from agricultural land used for cultivation, processing of produce to render it fit for market, and income from farm houses meeting certain conditions.
[2] It must involve human labor and skill on the land for cultivation, protection, and maintenance to qualify as agricultural income.
[3] Certain incomes like dairy, poultry, livestock are not considered agricultural, while others like tree cultivation, rent from farmland, and crop insurance payouts are.
Comprehensive study of agricultural income
A comprehensive and detailed analysis of agricultural income and taxation of the same. The article encompasses professional income, capital gains and method of computation of tax. Landmark case laws have also been included.
Income from house property
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
AGRICULTURE INCOME
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AGRICULTURAL INCOME.docx
Agricultural income derived from land situated in India is exempt from income tax under section 10(1) of the Income Tax Act of 1961. For income to be considered agricultural income, it must be derived from basic agricultural operations on the land like cultivation, planting, harvesting, etc. and subsequent operations related to making the produce fit for market. The income can be in the form of rent received in cash or kind, or revenue from the land. The land must be used for genuine agricultural purposes and situated in India. The burden of proof that income is agricultural income lies with the taxpayer.
Profits and Gains of Business or Profession
This document provides information about an income tax course taught by Dr. K. Chellapandian. It includes details about the course code, credit hours, outcomes, units covered, textbooks, and assessment details. The key points are:
- The course is Income Tax Law & Practice - II taught by Dr. K. Chellapandian at Vivekananda College.
- It has 5 units covering topics like computation of profits/capital gains, deductions, assessment of individuals/firms, and tax authorities.
- The course aims to enable students to learn income tax provisions and assessment procedures.
- Assessment includes 40% theory and 60% problems, following amendments up to 6 months
Income from other sources
computation of income from other sources for the benefit of taxation students, based on provisions of Income tax Act 1961
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Profit & Gains from Business or Profession.
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This PPT explains each and every concept of Income from House Property under Direct taxes. It is most suitable for students of BCOM(H) and CA.
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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.
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The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
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The document provides an overview of key concepts in India's income tax law, including definitions of common terms like person, assessee, income, residential status, taxable income heads, and tax exemptions. It summarizes procedures for determining tax liability and exemptions for various types of retirement payments like gratuity, pension, and leave encashment.
Residential status
This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
Income from Other Sources
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
Income Of Other Persons, Included In Assesses Total Income
Who is an assessee?
Extract of sec 2(7)(a)
Assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes
every person in respect of whom any proceeding under this Act has been taken for the assessment of HIS income or
of the Income of any other person in respect of which he is assessable
or of the loss sustained by him or by such other person
or of the amount of refund due to him or to such other person
Agricultural income
- Agricultural income earned from agricultural operations or rent from agricultural land is exempt from income tax under the Indian Income Tax Act. This is because the constitution gives power to tax agricultural income to state legislatures, not central government.
- Agricultural income includes income from agricultural produce, rent from agricultural land, and income from a farmhouse situated on or near the agricultural land. Income from nursery operations is also considered agricultural income.
- The assessment year is the year following the financial year and is used for filing tax returns for income earned in the previous financial year. For example, income earned between April 1, 2013 to March 31, 2014 is filed under assessment year 2014-15.
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The document summarizes various penalty provisions under the Income Tax Act of India. It discusses penalties for failure to furnish returns on time, concealment of income, penalties where search and seizure operations have been conducted, penalties for failure to deduct tax at source, maintain books of accounts, and pay advance tax. It also outlines the conditions for waiving or reducing penalties and the time limits for imposing penalties.
Basic concepts of Tax
1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
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.
Charge of Income Tax
Charge of Income Tax
Income tax is charged in assessment year at rates specified by the Finance Act applicable on 1st April of the relevant assessment year.
It is charged on the total income of every person for the previous year.
Total Income is to be computed as per the provisions of the Act
Income tax is to be deducted at source or paid in advance wherever required under the provision of the Act.
Person u/s 2(31) includes,
An Individual,
Hindu Undivided Family (HUF),
A Company,
A Firm,
An Association of Persons(AOP) or Body of Individuals (BOI),
A Local Authority,
Every other Artificial Juridical Person
Incidence of Tax
Incidence of Tax
Deduction under Section 80 (income tax act )
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
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Agriculturalincome
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.
Agricultural income
This document defines agricultural income and its tax treatment under Indian law. It provides:
1) The definition of agricultural income under Section 2(1A) of the Income Tax Act, which includes rent or revenue from agricultural land in India, income from agriculture/processing on that land, and income from farm buildings.
2) Examples of income that are considered non-agricultural and taxable, such as income from forests/trees, salt production, quarries, livestock, dairy, poultry, fisheries, brick making and more.
3) Guidelines for calculating tax when an individual/HUF/AOP/BOI/artificial person earns both agricultural and non-agric
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- It has 5 units covering topics like computation of profits/capital gains, deductions, assessment of individuals/firms, and tax authorities.
- The course aims to enable students to learn income tax provisions and assessment procedures.
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The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
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This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
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This document provides information about income from other sources under the Indian Income Tax Act, including:
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- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
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Income Of Other Persons, Included In Assesses Total Income
Who is an assessee?
Extract of sec 2(7)(a)
Assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes
every person in respect of whom any proceeding under this Act has been taken for the assessment of HIS income or
of the Income of any other person in respect of which he is assessable
or of the loss sustained by him or by such other person
or of the amount of refund due to him or to such other person
Agricultural income
- Agricultural income earned from agricultural operations or rent from agricultural land is exempt from income tax under the Indian Income Tax Act. This is because the constitution gives power to tax agricultural income to state legislatures, not central government.
- Agricultural income includes income from agricultural produce, rent from agricultural land, and income from a farmhouse situated on or near the agricultural land. Income from nursery operations is also considered agricultural income.
- The assessment year is the year following the financial year and is used for filing tax returns for income earned in the previous financial year. For example, income earned between April 1, 2013 to March 31, 2014 is filed under assessment year 2014-15.
Penalties and prosecution ppt
The document summarizes various penalty provisions under the Income Tax Act of India. It discusses penalties for failure to furnish returns on time, concealment of income, penalties where search and seizure operations have been conducted, penalties for failure to deduct tax at source, maintain books of accounts, and pay advance tax. It also outlines the conditions for waiving or reducing penalties and the time limits for imposing penalties.
Basic concepts of Tax
1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
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.
Charge of Income Tax
Charge of Income Tax
Income tax is charged in assessment year at rates specified by the Finance Act applicable on 1st April of the relevant assessment year.
It is charged on the total income of every person for the previous year.
Total Income is to be computed as per the provisions of the Act
Income tax is to be deducted at source or paid in advance wherever required under the provision of the Act.
Person u/s 2(31) includes,
An Individual,
Hindu Undivided Family (HUF),
A Company,
A Firm,
An Association of Persons(AOP) or Body of Individuals (BOI),
A Local Authority,
Every other Artificial Juridical Person
Incidence of Tax
Incidence of Tax
Deduction under Section 80 (income tax act )
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
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This document provides an overview of key concepts in Indian income tax law, including:
- The main sources of tax law in India such as the Income Tax Act of 1961.
- Definitions of terms like assessee, person, previous year, gross total income.
- The different types of assessees such as individuals, HUFs, companies, etc.
- What constitutes agricultural income and exclusions from total income calculations.
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Agriculture income under it act ,1961
- 1. ARUN BANGA ASST.PROF IN COMMERCE MATA SAHIB KAUR COLLEGE PPT ON AGRICULTURALINCOME IN INDIANINCOMETAXACT1961
- 2. MEANING: The Income which received from Agriculture source is called Agricultural Income.
- 3. Definition U/S2(IA) Agricultural Income Is Fully Exempted as per Income TaxAct 1961 U/S 10(1) Agricultural Income includes the following (a).Any Rent or Revenue derived from Agricultural Land situated in India
- 4. (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
- 5. (c) Income From Agricultural House Property
- 6. TYPESOFAGRICULTURALINCOME 1. RENT OR REVENUE 2. CULTIVATION OF LAND 3. INCOME FROM APROCESS 4. INCOME FROM SALE OF PRODUCE 5. INCOME FROM LET OUT AGRICULTURAL H OUSE PROPERTY
- 7. TESTS TO DETERMINE AGRI INCOME INCOME IS DERIVED FROM LAND
- 10. Agricultural Incomes (a) (b) (c) (d) Income from sale of replanted trees. Rent received for agricultural land. Income from growing flowers and creepers. 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.
- 11. Non Agricultural Incomes (a) (b) (c) (d) (e) (f) Income from poultry farming. Income from bee hiving. Income from sale of spontaneously grown trees. Income from dairy farming. Purchase of standing crop. Dividend paid by a company out of its agriculture income.
- 12. (g) (h) (i) Income of salt produced by flooding The land with sea water. Royalty income from mines. Income from butter and cheese making. (j) Receipts from TV serial shooting in farm house is not agriculture income.
- 13. Integration of Agricultural Income Meaning: Clubbing of Agricultural Income with Non Agricultural Income for the Computation of Tax Liability is known as Integration of Agricultural income.
- 14. When to Integrate IfAgricultural Income exceeds Rs.5000 in the relevant Previous year IfNon Agricultural Income Exceeds Basic Exemption Limits of Rs.2,50,000/3,00,000/5,00,000 in the relevant Previous year
- 15. How to Integrate Step 1 : Add A.I with N.A.I Step 2 : Calculate Tax on the (Step 1) total as per the current Tax Rates Step 3 : Add A.I with Basic exempted limit
- 16. Step 4 : Calculate Tax on the (Step 3) total as per the current Tax Rates Step 5 : Tax calculated at step 4 is deducted from tax calculated at step 2 Step 6 : Add Education Cess 3% Step 7 : Total is tax payable.
- 17. THANK YOU