News & Media 31st Oct 2023
Agricultural income is exempted from tax under the Income-tax Act, 1961. It is important to note that income from allied agricultural activities like poultry farming, wool rearing, etc. are not considered agricultural income. Hence, tax may be levied on incomes from such activities. However, many states levy a tax on agricultural income as per their respective State’s policy.
The latest article “ What is agricultural income, different types of agricultural income?” published by The Economic Times sheds light on agricultural income, where our Partner Rahul Charkha shares his views on the same.