payable in accordance with the provisions of Chapter XVII-C; (1A) "agricultural income" means— (a) any rent or revenue derived from land which is situated ... under sub-clause (a) or sub-clause (b) shall not be agricultural income. Explanation 3.—For the purposes of this clause, any income derived from
Income Tax Act, 1961
10. Incomes not included in total income.
In computing the total income of a previous year of any person, any income ... within any of the following clauses shall not be included— (1) agricultural income ; (2) subject to the provisions of sub-section (2) of section
total income; and (b) the income-tax chargeable shall be calculated as follows:— (i) the total income and the net agricultural income shall be aggregated ... aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income
Refer Rules 7 and 8 which provide for computation of income which is partially agricultural and partially from business. Further, Rule 7-A which provides ... rule for computation of net agricultural income for the assessment year 2004-2005.] . (3) Save as otherwise provided in this Act, it shall come into
deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this
meanings hereby respectively assigned to them, that is to say-- (1) "agricultural income" means agricultural income as defined for the purposes of the enactments relating ... fulfilled:-- (a) that it is not chargeable in respect of agricultural income; (b) that no deduction in respect of the tax paid by companies
total income; and (b) the income-tax chargeable shall be calculated as follows: - (i) the total income and the net agricultural income shall be aggregated ... aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income
were "1. Income from fisheries.
2. Income from land used for stacking timber. 3. Income from
pasturage." The income from the first ... assessable to income-tax but for the special exemption given
to that income in the Incometax Act, by reason of its being
agricultural income. There
income to be liable to tax.
The Income-tax Appellate Tribunal confirmed the view that
the dividend income could not be treated as agricultural
income ... arrears of rent payable in respect of land used for
agricultural purposes is agricultural income and therefore
exempt from income-tax. It was held that
total income; and (b) the income-tax chargeable shall be calculated as follows:- (i) the total income and the net agricultural income shall be aggregated ... agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds two lakh rupees, then, in charging income-tax under
