AGRICULTURAL INCOME WILL CONTINUE TO BE EXEMPT FROM INCOME TAX UNDER THE NEW CODE

1.            Continuation of Exemption of Agricultural Income under the New Code Section 10 read with Entry in Sl. No. 1 of the Sixth Schedule of the Direct Taxes Code Bill, 2010 (hereinafter ‘DTC’) exempts Agricultural Income from Income Tax. The Discussion Paper on the Direct Taxes Code explains the rationale for the exemption and I…More