EXEMPTION BE REMOVED ON AGRICULTURAL-INCOME TO FURTHER TIGHTEN THE RICH LOBBY…

Bureau,Odishabarta

EXEMPTION BE REMOVED ON AGRICULTURAL-INCOME TO FURTHER TIGHTEN THE RICH LOBBY AFFECTED BY PASSING OF AGRICULTURAL BILLS BY THE PARLIAMENT

DELHI:There have been claims from ruling side that those politicians are protesting against passing of Agricultural Bills by the Parliament who were dominating purchase of crops from the poor farmers thus giving a very nominal price to farmers as compared to retail price for consumers.

But all such rich politicians affected by passing of Agriculture Bills by the Parliament are in general whitening their black income by declaring as agricultural income which is presently totally exempted from Income Tax. Many other ultra rich including known celebrities are also doing so at times by purchasing some futile land only to show that their agricultural income is from such land. Some others declare agricultural income from their luxurious living farm-houses which in fact are their holiday resorts rather than any agricultural land to produce crops.

Ordinary farmers cannot even dream of having agricultural income of rupees five lakhs per annum which is presently basic exemption-limit from Income Tax for all individuals. Central government and Central Board of Direct Taxes should now take yet other step by abolishing agricultural income from Income Tax to prevent legalized way of evading Income Tax.

Input;Subash Agarwal