TMI BlogAmendment of Section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (A) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (A) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (A) and which has a population of more than ten lakh. ; (2) after Explanation 3, the following Explanation shall be inserted, namely: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revious year; . - Clause 3 of the Bill seeks to amend section 2 of the Income tax Act relating to definitions. The provision contained in clause (1A) of the said section defines the term agricultural income . Sub-clause (c) of the said clause (1A) includes any income derived from any building on, or in the immediate vicinity of the land, and is used as a dwelling house, store house or other out-building as required by the receiver of the rent or revenue or the cultivator, in connection with such land, within the definition of agricultural income . Clause (ii) of proviso to sub-clause (c) provides that where the land is not assessed by land revenue or subject to a local rate, it should not be situated within the areas as specified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d situated in any area within the jurisdiction of a municipality or cantonment board having population of not less than ten thousand according to last preceding census, or (b) agricultural land situated in any area within the distance not exceeding eight kilometres from the local limits of any municipality or cantonment board as notified by the Central Government having regard to the extent of and scope for urbanisation and other relevant factors, forms part of capital asset. It is proposed to amend item (b) of sub-clause (iii) of clause (14) of section 2 so as to provide that the land situated in any area within the distance, measured aerially, (I) not being more than two kilometres, from the local limits of any municipality or ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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