Breaking: Govt plans Income Tax on agriculture income!

Manish Kumar, New Delhi: In a historic move, the government may be planning to bring agriculture income under the ambit of Income Tax. Hints to this effect have come from the Niti Ayog member Bibek Debroy.  

" There is a need to bring agricultue income under the purview of Income Tax. This should be in tune with the existing IT threshold limitsrates should be according to the existing slabs," Debroy said on Tuesday.

There is a likelihood that for the purpose of Income Tax, 3-year average of agriculture income may be considered.