Crop Insurance Payment

Income Tax Income from Other Sources
1

Hi Team,

I have recently received Crop Insurance payment. Just wanted to know if this income is tax exempted or not ?

Also do we need to show in the tax returns.

Thanks.

2

Hey @Alex,

There’s not much clarity on the subject of crop insurance claims in the IT ACT. However, assuming that the payment received is related to agricultural income, it will be exempt. Moreover, it needs to be reported as agricultural income under “Exempt income” while filing the ITR.

Hope this helps!

1 Like