Panel seeks separate farm income 'codes'
Financial Express Mumbai|February 10, 2024
TO ENSURE BETTER tax compliance, a parliamentary panel has urged the finance ministry to explore the possibility of introducing different 'codes' for those farmers who derive their income solely from agricultural activities and those who generate incomes from both agricultural and non-agricultural sources.
SANDIP DAS
Panel seeks separate farm income 'codes'
  • FOR BETTER TAX COMPLIANCE

"A separate code for farmers who have only agricultural income and therefore, have income below the exemption limit will not serve the purpose of creating a distinction that could help determine potential cases of tax avoidance and money laundering through agricultural activities," a 116th report of the public accounts committee (PAC) titled 'Assessment relating to agricultural income'has stated.

This story is from the February 10, 2024 edition of Financial Express Mumbai.

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This story is from the February 10, 2024 edition of Financial Express Mumbai.

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