Tax liability of a farmer

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Mukesh J Ladia (Querist)
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13 May 2014 A farmer having agricultural income 2.00 lacs, FDR interest income 1.00 lac and short term capital gain from share market is 2.50 lacs, what will be income tax liability ?

Pradeep Shah

Pradeep Shah (Expert)
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14 May 2014 Tax liability will be Rs. 26265/-

Mukesh J Ladia

Mukesh J Ladia (Querist)
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15 May 2014 Please let me have the calculation.. How much exempted and how much taxable ?

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Pradeep Shah

Pradeep Shah (Expert)
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16 May 2014 5,50,000 Total Taxable Income

2,00,000 Exempt Income
1,00,000 Taxable income normal rate
2,50,000 Taxable income special rate

Tax will be 10,000+37,500 = 47,500

Less: Income Tax on Agricultural Income included above will be 20,000

so Income Tax = 47,500 - 20,000 = 27,500

Less: rebate = 2000

Tax =27,500 - 2000 = 25500

Tax Payable = Income Tax + Education cess 25500 + 765 = 26265

Mukesh J Ladia

Mukesh J Ladia (Querist)
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16 May 2014 Thank you for calculation to understand,.