General Knowledge - Indian Economy - Discussion
Discussion Forum : Indian Economy - Indian Economy (Q.No. 35)
35.
Revenue of the state governments are raised from the following sources, except
Discussion:
16 comments Page 1 of 2.
Pushpam said:
2 decades ago
there is no tax on agricultural income.
Kuntal Vyas said:
1 decade ago
Yes,because in India it is non taxable
Nehalshah said:
1 decade ago
There is no tax on agricultural income, so d answer is right.
Ritu said:
1 decade ago
Indian agricultural income is fully tax free in India.
Rohit said:
1 decade ago
What is expenditure tax? how it is levied?
Vinod Thakur said:
1 decade ago
In India agriculture is not considered as commercial activity, it is considered as activity of subsistence from hundreds of years. Other areas such as entertainment, expenditure, and land revenue can be seen as business activities for purpose of profit making. This is the main reason for being exclusion of agricultural revenue out side taxation.
Kunal Malhotra said:
1 decade ago
According to Income Tax Act the powers to levied tax on agriculture income having in hands of State government instead of central government. But in our country no tax is levied on agriculture income due to promoting its main income of country and to reduce tax burden from the Indian farmer.
Deepthy said:
1 decade ago
I've learned in the subject income tax that even though agricultural income earned and received in India is exempted, it have to be calculated, and when the assessee's income is below the tax slab, he is tax free then agri. Income is added back to the income of the assessee for tax calculation. I don't know what is actually doing.
Shadab said:
1 decade ago
In my information, it is taxable if it earning more than 25k.
Prashant said:
1 decade ago
Does the expenditure tax goes to central govt or state govt.
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