Section 10(1) of the Income-tax Act, 1961 exempts the agricultural income from income-tax. Agricultural income exempt from tax is reported in Schedule EI (Exempt Income).
The new ITR forms seek following additional details if net agricultural income earned during the year exceeds Rs. 5 lakhs:
a) Name of district (with PIN code) where agricultural land is located
b) Measurement of agricultural land in Acre
c) Whether land is owned or held on lease
d) Whether land is irrigated or rain-fed
This will impact [ITR 2, 3, 5, 6]
Refer: www.taxmann.com
The new ITR forms seek following additional details if net agricultural income earned during the year exceeds Rs. 5 lakhs:
a) Name of district (with PIN code) where agricultural land is located
b) Measurement of agricultural land in Acre
c) Whether land is owned or held on lease
d) Whether land is irrigated or rain-fed
This will impact [ITR 2, 3, 5, 6]
Refer: www.taxmann.com
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