Taxable income

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siva (Querist)
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22 March 2012 while calculating Taxable income, income from Indian agricultural land is taxable? he is a resident of India and the age is 60 yrs

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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22 March 2012 Yes, It would be included in Taxable Income for the purpose of computation of tax.
Tax calculation for having agricultural income is as follows.
Step 1: Calculate Tax including agricultural income to the total income.
Step 2: Now add the agricultural income to the basic exemption limit and compute tax on it
Step 3: step 1- step 2

Step 4: step 3 is tax payable

Step 5: Total Tax payable = step 3+ e.cess+she cess. on it

OM SAI SRI SAI JAI JAI SAI

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