Tax in case of agri income
This query is : Resolved
29 May 2012
hii all
i have a query regarding agriculture income
assume that a person is having the following incomes
agirculture income 12 lakhs
business income 03 lakhs
80C deduction available to hime 1 Lakh
assuming the latest slab rate
how should the tax be computed in this case ?
kindly explain teh entire steps to be followed
thanks !
i have a query regarding agriculture income
assume that a person is having the following incomes
agirculture income 12 lakhs
business income 03 lakhs
80C deduction available to hime 1 Lakh
assuming the latest slab rate
how should the tax be computed in this case ?
kindly explain teh entire steps to be followed
thanks !
30 May 2012
agriculture income not taxable but your other income.
30 May 2012
For FY 11-12
1. Calculate tax on total income including agricultural income, i.e., Rs. 14,00,000 = Rs. 2,72,000
2. Calculate tax on (Agricultural Income + Basic Exemption Limit), i.e. Rs. 13,80,000 (12,00,000+1,80,000) = Rs. 2,66,000
3. Tax Payable = (1) - (2) = Rs. 6,000
Add: Cess @ 3% = 180
Tax Payable = Rs. 6,180
1. Calculate tax on total income including agricultural income, i.e., Rs. 14,00,000 = Rs. 2,72,000
2. Calculate tax on (Agricultural Income + Basic Exemption Limit), i.e. Rs. 13,80,000 (12,00,000+1,80,000) = Rs. 2,66,000
3. Tax Payable = (1) - (2) = Rs. 6,000
Add: Cess @ 3% = 180
Tax Payable = Rs. 6,180
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