Income Tax : This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant S...
Income Tax : An in-depth analysis of how agricultural income tax exemptions are used for evasion, with suggestions to curb misuse and protect s...
Income Tax : INTRODUCTION There are a few popular beliefs in India that agricultural income is completely exempt from tax. While this holds som...
Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
Income Tax : Understand agricultural income rules under Section 2(1A) and Rule 7. Learn about income eligibility, deductions, and tax treatment...
Income Tax : ITAT Ahmedabad overturns addition, accepts assessee's joint agricultural income claim. Case details and ITAT order summary provi...
Income Tax : Kerala High Court rules that the assessee must prove land is agricultural for capital gains tax exemption. Tribunal's factual find...
Income Tax : ITAT Nagpur held that cultivation of mushroom falls within the purview of agriculture and hence income from sale of mushroom is ag...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant Section for the purpose of Capital Gain exemption are Section 54B, Section 54F and Section 54EC, which we are going to discuss in this article.
An in-depth analysis of how agricultural income tax exemptions are used for evasion, with suggestions to curb misuse and protect small farmers.
ITAT Ahmedabad overturns addition, accepts assessee’s joint agricultural income claim. Case details and ITAT order summary provided.
Kerala High Court rules that the assessee must prove land is agricultural for capital gains tax exemption. Tribunal’s factual findings upheld; appeal dismissed.
ITAT Nagpur held that cultivation of mushroom falls within the purview of agriculture and hence income from sale of mushroom is agricultural income which is eligible for exemption under section 10(1) of the Income Tax Act.
INTRODUCTION There are a few popular beliefs in India that agricultural income is completely exempt from tax. While this holds somewhat true, the reality is far more complicated. The provisions regarding exemption from agricultural income under the Indian Income Tax Act have been viably and grievously abused as a loophole for tax evasion. Just among […]
Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income derived from land used for agricultural purposes. Learn what qualifies as agricultural income and its taxation implications.
Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting capital gains tax exemptions.
ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the time of sale, not subsequent changes.
ITAT Ahmedabad directs verification of agricultural land sale 10 km beyond municipal limits to determine its capital asset status under Section 2(14)(iii).
