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Jaitley warns of action against tax evasion

News and Press Release - Dated:- 5-5-2016 - (PTI) Finance Minister Arun Jaitley today warned of action against those passing off income from other sources as agriculture income but ruled out levying any tax on farm earnings. Replying to the discussion on the Finance Bill 2016 in the Lok Sabha, he also ruled out withdrawal of the 1 per cent excise duty on non-silver jewellery, a demand that was made by opposition Congress and ruling NDA constituent Shiv Sena. The Minister said the government will .....

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e are two categories. One is honest agricultural income. You may have a large income which is a separate case. That is a rare case. But there are some cases where people are passing off income from other sources as agriculture income. That is a case of evasion. That will be dealt with under the law. That the assessing officer can deal with, he said. Jaitley said there was no proposal to tax agriculture income. This cateogry of people earning from agriculture in crores is very little. In any case .....

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