Agriculture income

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JEEVIKA AND CO (Querist)
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13 December 2017 DEAR SIR / MADAM,
A BUILDING CONTRACTOR'S INCOME RS. 48 LAKHS IN HIS BUSINESS INCOME AND HE HAVE AGRICULTURE INCOME RS. 3. LAKHS. I WILL SHOW THE PROFIT RS. 3.90 LAKSH (ABOVE 8%)... THE QUERIES ARE NOW.,

1. IS IT CORRECT METHOD OF CALCULATION R NOT...?
2. WHAT IS THE ACRI INCOME RS. 3 LAKHS? IT'S FULLY EXEMPTED OR NOT...?
3. HOW TO CALCULATE THE INCOME (8%0). ITS RS. 48 LAKHS * 8% = 384000 OR RS. 51 LAKHS * 8% = 408,000

PLEASE GIVE YOUR VALUABLE REPLY...

THANKS IN ADVANCE...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 December 2017 1. Yes.

2. Not fully exempted. Add 3 lakhs with 3.90 lakhs to determine tax rate, and then
apply that rate on 3.90 lakhs to pay income tax.

3. 8% on 48 lakhs.