Agricultural Income News


No documents are needed to file ITR for agricultural income below ₹5 lakh

However, in respect of exempt agricultural income (including rental income as above), details need to be disclosed in Schedule EI (exempt income) of the income tax return form

1 min read11 Nov 2019

Karnataka polls: Parties woo farmers with sops, but fail to address job worries of rural youth

Political analysts say that aspirations of the younger generation are not rooted in agriculture but a lack of jobs in other sectors is adding to resentment

2 min read27 Mar 2018

No plan to tax agricultural income, rich farmers very rare: Arun Jaitley

Finance minister Arun Jaitley said the government does not plan to tax agricultural income as farmers are under distress and should be helped instead of taxed

2 min read10 May 2017

Arun Jaitley rules out central govt taxing agricultural income

Finance minister Arun Jaitley says the government does not plan to impose tax on agricultural income, dismissing the suggestion of Niti Aayog member Bibek Debroy

2 min read26 Apr 2017

Amid efforts to widen tax base in budget, farm income untouched

Arun Jaitley dwelled extensively on the low taxpayer base in his budget speech, but did not once mention taxing agricultural households

1 min read2 Feb 2017

Madras High Court stays income tax proceedings against Chidambaram, kin

Income tax department had issued a demand notice of Rs6 lakh to Chidambaram for the income he allegedly made from a 200-acre estate in Coorg, Karnataka

2 min read25 Jan 2017

Tax dept verifying farm income over Rs1 crore: Govt

MoS finance Santosh Kumar Gangwar said income tax department is verifying agricultural income over Rs1 crore for assessment years 2007-08 to 2015-16

2 min read7 Dec 2016

Is NDA bringing the income of farmers under tax scrutiny?

The income tax department will scrutinize all high value cash deposits and cross check if it is in line with the land holdings of the farmer and the corresponding yields

2 min read11 Nov 2016

Taxing rich farmers may hold key to bridging India’s fiscal gap

Thousands of rich landowners who don’t need to pay taxes thanks to laws designed to help subsistence farmers

4 min read5 Jul 2016

Arun Jaitley rejects calls to tax rich farmers

Finance minister Arun Jaitley says the current state of Indian agriculture does not warrant any such tax

1 min read6 May 2016
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The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared

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