AUDITOR VINOTHKUMAR (a) (870 Points)
18 December 2011Dear sir,
Pls. suggest me.. below the calculation correct or not ...........
Asst. year 2011-2012
Agri Income 325330
biz. income from tractor 153650
(use in agriculture only )
-----------------
478890
tax there on 478890 32850
less
10 % Agri income 32533
----------------
Tax payable 317
--------------
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 18 December 2011
Dear Vinoth,
your calculation is wrong, because if the taxable income is less than the exempted limit as prescribed by the act, then there is no tax even if the agricultural income+business income exceeds the limit.
regards
AUDITOR VINOTHKUMAR
(a)
(870 Points)
Replied 18 December 2011
Dear sir,
Agri Income 325330
biz. income from tractor 165000
(use in agriculture only )
-----------------
490330
tax there on 490330 34020
less basic exemption 10% agri 32533
tax payable 1487
above the cal. correct or not?
if wrong how pls. advice me.. sir,
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 19 December 2011
see the attachment
CAclubindia
