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What is agriculture income?

What is agriculture income?

What is agriculture income?

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Jeeba Lal Jun. 21, 2018

Firstly, as per the section 10(1) of the income from agriculture activities shall not be included while calculating total income of the assessee and hence it is not taxable.

Further, section 2(1A) defines the scope of agriculture income. As per this section, agriculture income shall be defined as follows.

1) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes;

2)Any income derived from such land by-
(i) agriculture; or

(ii) the performance by a cultivator or receiver of rent- in- kind of any process ordinarily employed by a cultivator or receiver of rent- in- kind to render the produce raised or received by him fit to be taken to market; or

(iii) Through the sale of such agriculture product in the market.

(3) any income derived from farm building required for agriculture operation;

What is agriculture income?

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