Agriculture income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2012
Suppose Assessee has business income (120000), other source income (200000) and agricultural income (270000), will the agricultural income be fully exempt?
26 September 2012
Agriculture income is fully exempt. However, the agriculture income will be clubbed with other taxable incomes for rate purpose only.
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2012
can you clarify your statement with suitable example that how it ll affect slab rates
26 September 2012
If assessee is an Individual and AY 2012-13:
Income from Business : 120000
Income from Other Sources: 200000
Taxable income : 320000
Add: Agriculture Income : 270000
Total Aggregate Income : 590000
Tax on Aggregate Income:
Up to Rs. 180000 : Nil
180000 - 500000= 10% : 32000
500000 - 100000= 20% : 18000
(90000x20%)
Total tax payable : 50000
Less: Rebate on Agric inc : 27000
((180000+270000=450000)
Net tax payable : 23000
Add EC & SHEC @ 3% : 690
Total Tax liability : 23690
The difference in tax computation is:
Tax on taxable income Rs. 320000 = 14420
Tax on Aggregate income claiming
rebate on agriculture income = 23690
Net out flow on rate purpose = 9270
Income from Business : 120000
Income from Other Sources: 200000
Taxable income : 320000
Add: Agriculture Income : 270000
Total Aggregate Income : 590000
Tax on Aggregate Income:
Up to Rs. 180000 : Nil
180000 - 500000= 10% : 32000
500000 - 100000= 20% : 18000
(90000x20%)
Total tax payable : 50000
Less: Rebate on Agric inc : 27000
((180000+270000=450000)
Net tax payable : 23000
Add EC & SHEC @ 3% : 690
Total Tax liability : 23690
The difference in tax computation is:
Tax on taxable income Rs. 320000 = 14420
Tax on Aggregate income claiming
rebate on agriculture income = 23690
Net out flow on rate purpose = 9270
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