« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  PNB tax-saver FD scheme... Tax base will not exceed 50 million: Revenue dept... » Agri income likely to stay out of tax net August, 21st 2006 Govt rejects panel suggestion -------------------------------------------------------------------------------- In order to empower the Union Government to impose income-tax on agriculture, `taxes on agricultural income' would have to be taken out of the State list through a Constitutional amendment. -------------------------------------------------------------------------------- The Union Government has not accepted a Parliamentary Committee's recommendation to bring within the tax net the agricultural income of persons having both agricultural and non-agricultural income, after setting a threshold limit for exemption. In a statement tabled in the Lok Sabha last week, the Finance Minister, Mr P. Chidambaram, indicated the Government's inability to accept this recommendation of the Standing Committee on Finance. The statement detailed the status of implementation of recommendations of the Standing Committee pertaining to the departments of economic affairs, expenditure and disinvestments and the department of revenue. For persons having income from both agricultural and non-agricultural sources, the Committee had said that the time had come for the Centre to look at fixing a threshold limit beyond which the income of such persons from agricultural sources could be brought under the tax net. The threshold limit could be fixed in consultation with the State governments, the Committee said. The Union Government has, however, highlighted that the taxation of agricultural income was within the purview of the State governments and outside the purview of the Union Government. However, agricultural income is included in the total income for fixing the rate at which tax is to be calculated. It was also pointed out that in order to empower the Union Government to impose income-tax on agriculture, `taxes on agricultural income' would have to be taken out of the State list through a Constitutional amendment.