Wednesday, June 19, 2024

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Parl panel proposal for different tax ‘codes’ for agricultural income slabs

NEW DELHI, FEBRUARY 12: A parliamentary panel has asked the Finance Ministry to explore different tax "codes" for different slabs of agricultural income. This will distinguish farmers with only agriculture income and those who have both farm and non-farm income for tax purposes. "A separate code for farmers who have only agricultural income and therefore, have income below the exemption limit will not serve the purpose of creating a distinction that could help determine potential cases of tax avoidance and money laundering through agricultural activities", the Public Accounts Committee (PAC)...