Option 1 states that taxes on agricultural income is a subject under the State List. The State List consists of subjects on which only the state governments have the power to make laws. This option is correct as taxes on agricultural income is indeed a subject that falls under the jurisdiction of state governments.

Option 2 states that price control is a subject under the Concurrent List. The Concurrent List consists of subjects on which both the central and state governments can make laws. This option is correct as price control is a subject that can be legislated by both the central and state governments.

Option 3 states that insurance does not come under the Union List. The Union List consists of subjects on which only the central government has the power to make laws. This statement is incorrect. Insurance is indeed a subject that falls under the Union List, as per Entry 43 of the Union List in the Seventh Schedule of the Indian Constitution.

Option 4 states that forests is a subject under the Concurrent List. This option is correct as forests is a subject over which both the central and state governments have the power to legislate.

In summary, the incorrect statement is Option 3, as insurance does come under the Union List.