Which income is not treated as agricultural income?

Income derived from agricultural activities carried out on land – be it urban or rural – shall be treated as agricultural income and be exempt from tax. Will income from animal husbandry be considered as agricultural income? No, income from animal husbandry will not be considered as agricultural income.

Are term deposits taxable?

Interest income from Fixed Deposits is fully taxable. Add it to your total income and get taxed at slab rates applicable to your total income. It is to be reported under the head ‘Income from Other Sources’ in your Income Tax Return. (See below for more details on TDS on FDs).

Is rebate available on agricultural income?

Rebate on Agriculture Income A complete tax rebate is possible if: The total agricultural income is < Rs. 5,000. The income from agricultural land is your only source of income (no other income)

What do you mean by the term agricultural income?

Any income or revenue derived from sources like farming lands, buildings constructed on or identified with agricultural land, and the commercial produce received from agricultural land is known as agricultural income.

How do you prove agricultural income?

In respect of agricultural income, the indicative list of documents may be pertaining to land acquisition or ownership, details and location as per municipal records, evidence of agricultural use, lease agreement, tenant details, rent receipts, bank statements (if rent was received through modes other than cash).

Why 15G form is required for fixed deposit?

Form 15G and Form 15H are submitted to prevent banks from deducting TDS on the interest earned on a Fixed Deposit (FD) if the total interest income is not more than the prescribed limit. To avoid this, a depositor will have to file the 15G & 15H forms at the start of the fiscal year with the bank itself.

How much bank interest is tax free in India?

For a residential individual (age of 60 years or less) or HUF, interest earned upto Rs 10,000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from: savings account with a bank; savings account with a co-operative society carrying on the business of banking; or.