manoj (CA) (66 Points)
28 March 2010Dear Members,
I want to know the taxability of agricultural income.
2008-09(AY) 2009-10(AY)
Business Income(Seasonal Business) 30000 100000
Agricultural Income 280000 300000
Please tell me the tax liability. If i am required to file the ITR ..
Thanks in Advance
goldie
manikandan.J
(Accounts Manager)
(363 Points)
Replied 28 March 2010
hi manoj
you compute the Business income asusual and Agri Income Rs280000/-
you compute the Agricultural income calculat separtely
first step
A Person men below 65 years
Basic limit of AY 2008-09 RS.110000
Agricultural Income Rs.280000
Add:basic limit Rs.110000
Total Rs. 390000
calculation
110000 Nil
110000 to 150000 10% 40000 Rs.4000
150000 to 250000 20% 100000 Rs.20000
above 250000 30% Balance 90000 Rs.27000
Total tax on agricultural income Rs.51000
further clarification contact
bharat
(ARTICLE)
(86 Points)
Replied 28 March 2010
I dont agree with manikandan..........
Nothing is to be payable as tax if it is the case of individual income because the total income are below the exemption limit in both AY....... here total income will be income other than agriculture income........
And There are no need to file a return in this case.............
Amir
(Learner)
(4016 Points)
Replied 28 March 2010
Dear Manoj Sir,
Agree with friend Bharat.........
Taxability will be Nil in this case and retrun filing is not mandatory..........
CAclubindia
