Agriculture income tax – Finance Minister denies any plan of the Government to impose such tax
Ministry of Finance
26-April, 2017
FM : The Central Government has no plan to impose any tax on agriculture income
Following is the text of the Union Finance Minister Shri Arun Jaitley’s Statement on the subject to impose tax on agriculture income:
“I have read the paragraph in Niti Ayog Report entitled ‘Income tax on agriculture income’. To obviate any confusion on the subject, I categorically state that the Central Government has no plan to impose any tax on agriculture income. As per the Constitutional Allocation of Powers, the Central Government has no jurisdiction to impose tax on agricultural income.”
***
----------- Similar Posts: -----------Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld…
Supreme Court lays down tests to determine whether a debt is a financial debt or an operational debt under IBC…
Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies…
Application though named as rectification but if tax imposed is not legitimate then it also touches upon the merit –…
Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further…
ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee In a recent…