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...
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).
ITAT Surat ruled on the classification of land as a capital asset under Section 2(14) for AY 2012-13. Decision centered on distance measurement standards and LTCG.
Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricultural income exemption claim.
