Tax coming on agriculture income indirectly
This query is : Resolved
17 August 2014
Dear All,For AY-2014-15.
If Agriculture Income. =800,000
Non AgricultureIncome=400,000
Total Income for tax calculation =12,00,000
Tax on total income =190,000
Less:tax on agriculture income
(800000+200000) =130,000
Net Tax on the above =60,000
(190,000-130,000)
But if I calculate tax on non agriculture income directly on
400,000/- it will come only 20,000/-
Why the extra tax 40,000(60,000-20,000)
coming on agriculture income ?
17 August 2014
Because agriculture income is exempt up to certain limit and you should consider agriculture income while calculating income.
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