Tag: agricultural income
4 Results
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Tax on the farm
In March 2016, in response to an RTI application, the Income Tax Department revealed that agricultural income earned by the 6.57 lakh assessees, who had filed returns in 2011, stood at nearly Rs 2,000 lakh crore. This was more than 20 times the country’s Gross Domestic Product of over Rs 84 lakh crore in that …
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November 25, 2017 -
No plan to tax agricultural income, says Arun Jaitley
Finance Minister Arun Jaitley has said the government has no plans to tax agricultural income, including that of prosperous farmers, saying a rich farmer is “a very rare institution” and not the norm. In an interview, he said the farm sector is in distress and there was no question of taxing agricultural income. NITI Aayog …
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May 9, 2017 -
Jaitley rules out tax on agricultural income
A day after NITI Aayog member Bibek Debroy mooted the idea of bringing agricultural income under the income-tax net, Union Finance Minister Arun Jaitley on Wednesday categorically dismissed the suggestion. "I have read the paragraph in NITI Aayog report entitled ‘Income tax on agriculture income’. To obviate any confusion on the subject, I categorically state that the …
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April 26, 2017 -
Consider January-December financial year, Modi urges states
Prime Minister Narendra Modi on Sunday asked the states to consider advancing the financial year to January-December, saying that in a country where agricultural income is exceedingly important, budget should be prepared immediately after its receipt for the year. Making the observation while delivering the closing remarks at the third meeting of the Governing Council of NITI …
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April 23, 2017