Section 2 of ITA, 1961 : Section 2: Definitions
ITA, 1961
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Explanation using Example
Let's say Mr. Sharma owns a piece of land in a rural area of India which he uses for growing wheat. The income he earns from the sale of the wheat is considered agricultural income under the Income-tax Act, 1961.
Since the land is used for agricultural purposes and Mr. Sharma is cultivating it, the rent he receives (if any) and the revenue from selling the wheat directly f...
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