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LATEST NEWS UPDATES | CAG lens on entities avoiding tax with ?farm income? claim -Pradeep Thakur

CAG lens on entities avoiding tax with ?farm income? claim -Pradeep Thakur

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published Published on Oct 3, 2016   modified Modified on Oct 3, 2016
-The Times of India

NEW DELHI: The comptroller and auditor general has initiated an audit of entities claiming tax exemption on agricultural income amid suggestions from some political parties and income tax authorities that a blanket exemption be done away with and tax be levied after a threshold.

The auditor has written to the finance ministry seeking details of entities which have declared agricultural income and the amount of tax exemption granted to them. Recently, tax authorities had raised concerns about possible misuse of the exemption available to agricultural income, although the government has clearly said that there was no move to impose tax.

Finance ministry data showed that nearly four lakh people declaring farm income had been granted exemption during 2013-14.

Total agricultural income exempted from tax in 2013-14 was Rs 9,338 crore. The details were as per the list of those who had filed their returns till November 2014.

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The Times of India, 3 October, 2016, http://timesofindia.indiatimes.com/india/CAG-lens-on-entities-avoiding-tax-with-farm-income-claim/articleshow/54647338.cms


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