Income Tax : The Income Tax Department has issued detailed FAQs explaining the meaning, computation, and tax treatment of agricultural income u...
Income Tax : Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt ...
Income Tax : The new law narrows the scope of agricultural income by introducing strict conditions and exclusions. It emphasizes documentation ...
Income Tax : The issue is whether agricultural income affects eligibility for rebate under Section 87A. The article explains that legally, tota...
Income Tax : The case explains how agricultural income remains tax-free under Section 10(1) but affects tax rates on other income. Key takeaway...
Income Tax : The issue concerns high-pitched additions proposed under faceless scrutiny even where agricultural income is exempt and fully docu...
Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : The ITAT held that the addition under Section 69A could not be sustained as the assessee had produced land records, agricultural s...
Income Tax : The court examined whether reassessment could proceed without any incriminating material from search. It held that absence of such...
Income Tax : The issue involved classification of land for capital gains taxation. The Court held that revenue records and evidence of agricult...
Income Tax : The issue involved denial of exemption on sale of agricultural land. The Tribunal held that the land met conditions of Section 2(1...
Income Tax : CBDT circular on C&AG report findings. Directs AOs to verify land records, sales, and expenses to ensure correct exemption of agri...
The ITAT Bangalore ruled that income from sun-dried raisins is agricultural income, exempt from tax, if a farmer uses traditional methods without machinery.
ITAT Chennai rules that the buyer’s intention is irrelevant when classifying land. The court upholds the agricultural nature of land based on revenue records, not the buyer’s plans.
Ahmedabad ITAT dismisses Jigar Patel’s appeal, affirming Rs. 49.55 lakh addition as unexplained cash credit from agricultural income, citing flood impact and lack of proof.
ITAT Ahmedabad upholds allocation of employee benefit expenses to agricultural activities for Super Crop Safe Limited, citing the specialized and labor-intensive nature of their operations. Finance costs and some other expenses were deleted or set aside for re-verification.
Court rules income from white button mushroom cultivation under controlled conditions qualifies as agricultural income, exempt from tax, emphasizing ‘soil’ as ‘land’ and purpose over strict classification.
Tribunal directs full TDS credit for K. Venkatesan (HUF) on Rs. 10.5 Cr agricultural land sale. Overturns CPC/CIT(A) denial, citing Section 194IA and Rule 37BA misapplication.
ITAT Chennai rules agricultural land beyond urban limits is exempt from capital gains tax, irrespective of actual cultivation, citing Section 2(14).
Learn about taxation on agricultural land in India, including capital gains, exemptions, and conditions for claiming tax benefits under the Income Tax Act.
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.
