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What is the meaning of Agricultural Income in Income Tax?

AGRICULTURAL INCOME           The meaning of the term agricultural income can be explained with the help of the following: 1.    A. Any report or revenue derived from land, B. Which is situated in India and C. Is used for agricultural purpose 2.    A. Any income derived from such land by agricultural operations or B. Any process by cultivator or receiver of rent-in-kind, which readers the produce fit for the market or C. The sale of such produce. 3.    Any income from a farm house. NOTE: Capital gains arising from the transfer of agricultural land shall not be treated as agricultural income. If the following conditions are satisfied the income from land is treated as agricultural income. 1.    The land must be situated in India. If the land is situated outside India, the income from such land will not be treated as agricultural income. 2.    Land...
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What is Gross Total Income and Casual Income?

Gross Total Income The aggregate of the income under the following heads is known as gross total income: 1.    Income from Salaries; 2.    Income from House Property; 3.    Profit and gains of business or profession; 4.    Capital gains; 5.    Income from other sources. The income under each head is computed after making deductions permissible under that head. Further, the brought forward losses shall be deducted (as provided in the Act) to arrive at the assessable income. Total income means the amount left after making the deductions under sections 80C to 80U from the gross total income. The amount so arrived is rounded off to the nearest multiple of ten rupess. Difference between Gross Total Income and Total Income Gross Total Income 1.    Aggregate of various heads of income is called Gross Total Income. 2.    Gross Total Income is not rounded off. 3.  ...
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What is Permanent Account Number or PAN number

PERMANENT ACCOUNT NUMBER      PAN means a number which the Assessing Officer may allot to any person for the purpose of identification.      PAN has ten alphanumeric characters and it is issued in the form of laminated card.      Application for PAN. If an assessee has not allotted a Permanent Account Number he must apply for it in Form No. 49A within the prescribed time. The Assessing Officer has also got power to allot to any other person a Permanent Account Number if tax is payable by such person.      Quoting PAN. Once a Permanent Account Number has been allotted, such number must be quoted in all Returns, correspondence with Income Tax Authorities, challans for payment and in all documents prescribed by the Board.        It helps in linking the aforesaid documents to his assessment records to facilitate quick disposal of his assessment and refund claim. ...
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