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of <h1>Amendment to Income-tax Act, 1961: Redefines agricultural land revenue, building conditions, and urbanization exclusions under Section 2.</h1> Section 2 of the Income-tax Act, 1961, is amended by the Taxation Laws (Amendment) Act, 1970. The amendment redefines sub-clause (a) to include rent or revenue from land in India used for agricultural purposes. Sub-clause (c) is revised to clarify conditions under which buildings on or near agricultural land are considered, specifying requirements for the building's use and the land's assessment to land revenue or local rates. It also outlines exclusions for land within or near municipalities or cantonment boards with populations of at least ten thousand, subject to urbanization considerations by the Central Government.
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