« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.