Leading up to the Assembly elections in five States, the income tax department has seized more unexplained cash compared to previous elections in those States, according to CBDT on November 15.

However, it's essential to be aware that there are specific tax considerations related to agricultural income. This discussion delves into the details of agricultural income tax in India, aiming to provide clarity on this subject.

This decision is welcomed as it will benefit taxpayers facing belated reassessment proceedings involving undisclosed income of less than Rs.50 lakh.

The Income Tax (I-T) department has uncovered tax evasion totaling approximately Rs 10,000 crore over the past three years, according to The Economic Times.