Saturday, 4 November 2017

No Tax on Cash Sales of Agricultural Produce for Less than 2 Lakh Rupees

The Income Tax Department has clarified that the cash sales of agricultural produce by a cultivator to a trader for less than 2 lakh rupees will not attract tax under the Income Tax Act.

A circular issued by the Department stated the cultivator and the trader will also not have to provide their Permanent Account Number.

Important Takeaways from Above News for RRB PO Mains Exam-
  • Sushil Chandra is the Chairman of Central Board of Direct Taxes (CBDT).
Source- The Hindu

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