03 May 2013
Dear sir, When and how agricultural income is taxable?I mean a person have some agricultural income and as well as income from profession,then how to calculate net tax.
condition-1 Suppose A person have income from profession of rs.400000,as well as he has a agricultural income of rs.12000.Then how to calculate tax?
condition-2 Suppose A person have income from profession rs.400000,as well as he has a agricultural income rs.4000.Then how to calculate tax?
condition-3 Suppose A person have only agricultural income of rs.300000.Then how to calculate tax?
14 June 2013
First of all both the incomes are taken togather i.s 4,00,000 + 12,000 = 412,000/- and tax on 4,12,000/- is to be calculated say tax comes to about 20,000/- Next step you have to take the basic exemption and with that you have to add 12,000/- say basic exemption is 2,00,000 the total income will be 2,12,000. Now you have to calculate tax on 2,12,000/- say it comes to 2,500.
The from the tax of 4,12,000 i.e 20000 tax on 2,12,000 ie 2,500 will be deducted and balance tax of 17,500 is to be paid
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