Govt rules out plan to bring large agri firms in tax net
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11/03/2008
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Financial Express
The government on Monday said there was no proposal to bring the big agricultural firms under the tax net. "Under the existing provisions of the Income Tax Act, 1961, agricultural income of any person is exempt from income tax. Currently, there is no proposal to do away with this exemption,' minister of state for finance SS Palanimanicham told Lok Sabha in a written reply. He said taxation of agricultural income is outside the purview of the Union Government as