Is Tax Payable on Annuity

The Government had acquired my agricultural land and paid compensation for it . It is also paying an annuity . can i take this annuity payment as agricultural income ? or will it be treated as defered payment against acquired Land ? or will it be treated as income from other sources and taxed in the year of receipt ?
Please advise
Regards
Tandon
pardeep.tandon@gmail.com more  

View all 8 comments Below 8 comments
If the agricultural land is rural agricultural land then tax liability is NIL. more  
i think we, have to study under what act land has taken & any benefits under IT ACT for annuity paid etc.. more  
Matter is not so simple when government acquires land the money paid is by ways of compensation and compensation are not income, they are a payment in lieu of snatching your means for livelihood. I think these are totally exempted from income tax as may be given by a special notice of acquisition, refer those documents and act. more  
It will fall under the head of "Income from Other Sources" and added with total income more  
Annuity income is income from other sources. more  
Post a Comment

Related Posts

    • LIC POLICY ADDRESS CHANGE

      LIC being a very big insurance company, why not they look into the possibility of making the changes in the existing policies, like change in address, name change, bank details etc. ONLINE. When on...

      By Hari Shenoy
      /
    • Bank's refusal to honor agreed FD interest.

      Dear members, I am Sekar and new to localcircles.com. In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me. During matu...

      By Sekar Rg
      /
    • DEAF Account

      It often happens that people don’t share even the basic financial details with their family members. In case of any untoward incident, the family members are left in the lurch as they are una...

      By Aditi Jain
      /
    • Tax on dividend

      I fully agree with the circle member's claim to approach the FM/PM, requesting to remove the senior citizens from taxing 10% on the dividend received on the Mutual Funds. In fact the present level ...

      By Subramanian Sekaripuram Ananthakrishnan
      /
    • Benefit of new tax regime for 13L+ salary earners

      Most of the salaried individuals with gross income of ₹13 lakh or more and non-salaried persons with income of ₹9.5 lakh or more will get to make tax savings if they sign up for the new lower incom...

      By Satvik Singh
      /
    • NRI income in zero tax domiciles taxable in India

      NRIs living in zero tax domiciles like UAE (Dubai Sharjah & also Bahamas etc) will have to pay tax in India. And now all those who (partly) moved to Dubai recently to evade taxes are stuck.

      By Aditi Jain
      /
    • Farmers must be taxed

      The tax system is currently design to squeeze the middle class. This must change. We are India’s most abused tax payers.

      By Aditi Jain
      /
    • BEWARE OF ICICI POLICIES

      I am cautioning the circle members and the general public at large that the insurance policies issued by ICICI are to be taken with a pinch of salt. The agents of ICICI who sell their policies as w...

      By Subramanian Sekaripuram Ananthakrishnan
      /
    • Why one should insist for Fixed Deposit Receipt

      As you all know now-a-days whenever we request any sort of statement / report etc. from non-banking financial companies (NBFCs) i.e. insurance, chit fund, merchant banking, stock broking service p...

      By G D Binani
      /
    • Beware of brokers

      2000 crore fraud by karvy on its customers. Sebi has banned it now. How come we only do bans and the regulators are never facing penalties and punishments for letting shit happen.

      By Aditi Jain
      /
    • Simplification of Tax Return Filing

      The income tax return filing has been made so complicated that no common man/person today is able to file her return on her own, without the help/assistance of tax professionals. Each time we have ...

      By Sujata
      /
Share
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)