Is there "need for imposition of tax on Agricultural income?"?

Answer 1

Absolutely no justification. Agriculture is one sector , which is the most neglected in this country. It requires more help and subsidies to sustain itself and to see the revival.

Answer 2

dear
first of all it is not clear wether you are asking the question to know about the texability of agricultural income or you are inviting opinion on justification of taxing the agricultural income

I am giving answer of question from both of these points

AS PER INCOME TAX ACT, 1961
As per the Act, agricultural income is not taxable.
However, assessee has to compute agricultural income and included it in his total income for Tax Rate purposes. So, although Agriculatural is not taxed. There are detailed steps to be followed in computation of total tax liablitiy for those assessees who have Agricultural income.

JUSTIFICATION OF TAXING AGRICULTURAL INCOME
Although, we receive many a comments from Finance Ministry that the Agricultural income should be taxed and from politicians citing that same should be done.

But in my opinion, to foster the sense of Ownership of a Developed Country or a very fast growing country, there is a strong need to tax the agricultural income also.

Non taxing the agricultural income is nothing but a political stunt.

Regads
Sharad

Answer 3

Yes tax is imposed on agricultural income according to Section 2 of Income Tax of 1961 agricultural income means"any rent or revenue derived from a land which is situated in India and used for agriculture purpose".

Answer 4

I feel yes. This country has wealthiest farmers who are not giving any penny for the subsidy and facility they are getting. In urban area a worker who is getting a salary above Rs 1 lac is contributing in nation by giving tax whereas the those farmers who are RICH are not giving any type of tax. In Punjab they were even getting Electricity free .
Time has come that there should be tax on those farmers who are earning a certain limit. That way , we can leave the poor farmer out of tax and get tax out of rich.
But I dont think the vote politics will ever let this happen.

Answer 5

it somewhat is a three card monte. specific, the credit replaced into issued, yet then new withholding tables issued that now take the credit under consideration. subsequently, the internet effect would be human beings hear approximately this decrease (certainly, a rebate on payroll taxes that now motives a shortfall interior the Social protection equipment) and sense stable, yet will forget all approximately it whilst tax time hits. We observed an identical element with the Bush stimulus. in case you somewhat need to stimulate the financial equipment, the ultimate thank you to do it somewhat is only placed a one 12 months moratorium on very own taxes. permit certainly everyone earning a paycheck shop all of it and not pay income or payroll taxes. that does no longer basically be extra decrease priced than the present plans, yet extra useful through fact the money does no longer bypass to the government first.

Answer 6

If the current Finance Minister,
P Chidambaram (OBC & from Money
Lender Community) continues
to function like the Super P. M,
then he would impose Taxes on
Agricultural Income.

Shortly, he will impose taxes on
inter-state travelling as well and
exempt Tamilnadu domiciles
from the Tax.

He is the man, who put their own
communities' name for OBC
category registration & made 69%
reservations in Tamil Nadu.

The Supreme Court has passed
orders to limit reservations to 50%
only.

He will also impose Special Taxes
for travelling to tourist places.

Since he was sacked by the Congress
in the past and made his own
Tamil Manila Congress, has made a
comeback to take revenge and
spoil Congress' image.

The latest trend of elections in UP
confirms uprooting of Congress
because of anti-ordinary people
policies of the FM. High time the
Congress takes a notice of it.

Answer 7

Yes

Answer 8

no