Under section 10(1) of the Income Tax Act, 1961, agricultural income is exempted from tax. Any proceeds from rent, revenue or transfer of agricultural land and incomes from farming are considered as agricultural income under the law. Apr 8, 2022
Category: Is farming income tax free?
What income is not taxable?
Under Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax.
How much do rich farmers earn?
Rajiv Bittu – Chartered Accountant, Now a Farmer He used modern techniques like drip irrigation and mulching. He earns a profit of around Rs 15 lakh to 16 lakh every year. Sep 5, 2022
