dwellings

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration. Full Article

The Government of Maharashtra has introduced a Scheme of Composition („Scheme?) of VAT for registered dealers undertaking construction of flats, dwellings, buildings or premises and transferring them in pursuance of an agreement along with land or interest underlying the land. The rate of Composition under the Scheme shall be 1% of * the aggregate amount specified in the agreement or * the value specified for the purpose of stamp duty in respect of the said agree.. Full Article