GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bhootlingam Committee
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Shivaraman Committee
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Narsimham Committee
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None of these
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Detailed explanation-1: -The Raj committee submitted its report in October 1972. The major recommendations of the Raj Committee were: ADVERTISEMENTS: (i) Imposition of Agricultural Holdings Tax (AHT) on agriculturists.
Detailed explanation-2: -Agricultural income tax to states in India is assigned by the Constitution of India. The agency responsible for it is Finance Commission whose function is distribution of net proceeds of taxes between Centre and the States, to be divided as per their respective contributions to the taxes.
Detailed explanation-3: -As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax.
Detailed explanation-4: -State Government State Governments can charge agricultural tax. As of the latest amendment, income from agriculture, if within INR 5000 in a financial year, will not be accounted for tax purposes. Anything above that will be taxable as per the applicable rates.