Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Details of agricultural land to be furnished if agricultural income exceeds Rs. 5 lakhs

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]


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