Agri income for computing limit of 50 lacs

[Ramakrishna Nune]

Whether agriculture income is to be included while calculating limit of ₹ 50 lacs for disclosure of assets of individual. Thanks in advance

[Ganeshan Kalyani]

Sir, in my view it is to be included. Though the income is exempt it is disclosed in the income tax return as a disclosure effect. Similarly it should be considered for the purpose of disclosure of asset. Thanks.

[Ganeshan Kalyani]

Sir I welcome views of expert colleague as well in this regard. Thanks.

AI Summary

Agricultural income may be treated as part of an individual's asset-disclosure threshold despite its tax-exempt status. The query asks whether agricultural income must be included in computing an individual's asset-disclosure limit. The expert view states that agricultural income, though tax-exempt, is disclosed in the income tax return and therefore should be counted for the purpose of the asset-disclosure calculation.