If an individual’s agricultural income exceeds rs. As per section 10 (1) of the income tax act, income earned from agricultural activities is exempt from tax. Understand agricultural income tax in india, including exemptions, limits, and calculations with examples.
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5,000, in a single financial year. However, this exemption is not unlimited. Income should be from a piece of land that is used for agricultural operations.
Know how to show agriculture income in your tax return.
If you have other sources of income along with farming, the agricultural income is added to your total income for tax rate calculation purposes. Income should be from the produce achieved after the cultivation of land.
