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of <h1>Amendment to Section 2 of Income-tax Act redefines 'agricultural income' and 'capital asset' effective April 1, 2014.</h1> The amendment to Section 2 of the Income-tax Act redefines 'agricultural income' and 'capital asset' effective April 1, 2014. For 'agricultural income,' income from buildings on land within specified distances from municipalities or cantonment boards with populations ranging from over ten thousand to more than ten lakh will not be considered agricultural. For 'capital asset,' agricultural land within specified distances from municipalities or cantonment boards with similar population thresholds will be included as a capital asset. The amendments clarify the definition of 'population' based on the last published census figures. These changes apply from the assessment year 2014-15 onwards.
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