Income Tax Exemption under Section 10(1) of Income Tax Act, 1961

Eligible Assessee

Any assessee

Nature of Income

Agricultural income

Amount Exempt

Entire amount of such income

Conditions laid down for Tax Exemption

Agricultural income is defined in section 2(1A) which means any rent or revenue derived from land situated in India and used for agricultural purpose and subject to other conditions
It includes income from such land by agriculture or from performance / sales by cultivator or receiver of rent in kind to render produce raised or received to make it fit to take it to market
income derived from saplings or seedlings grown in nursery
income derived from any building owned or occupied by cultivator or receiver of rent used for purpose referred in clause 2.

However income derived from processing of agricultural produce would not be considered as agricultural income.

Income under this clause would be included in total income for limited purpose of determining rate of tax.

How to earn Tax free income? Incomes exempted from tax under Income Tax Act, 1961

Free download of Income Tax Return Filing Official Software

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Advance Payment of Income Tax

Tax Deducted at Source (TDS) Rates from Financial Year 2013-14 (Assessment Year 2014-15)

Tax Deducted at Source (TDS) Rates

Income Tax Rates Financial Year 2012-13

Income Tax Rates Financial Year 2013-14

Important Due Dates

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How to calculate Value of Perquisites by way of use of motor vehicle by an employee provided by the employer to employee: Income Tax Rule 3(2)(A)

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