RAVINDRA GANGADHAR DEVALE (TAX PRACTITIONER) (292 Points)
28 August 2019
Kapadia Pravin
(17259 Points)
Replied 28 August 2019
Shivam RC
(Student)
(23683 Points)
Replied 28 August 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 August 2019
1. Agricultural income is exempt from payment of tax u/s 10(1). However for the purpose of determination of tax rate it non-agricultural income, the same should be included as a part of total income and compute tax accordingly.
2. Yes, full agricultural income is to be included in ITR and then claim the deduction. If your non-agricultural income is below the basic exemption slab limit then no need to find tax liability for non-agricultural income.
3. However, if it is more than the basic exemption limit then to the extent of agricultural and basic exemption limit rebate will be allowed and the balance amount will be payable as tax.
4. Either way agricultural income of Rs. 7 lakhs should be specified in ITR.
Please correct me if the above solution has an alternative view.
G Sharath Kumar
(56 Points)
Replied 27 August 2020
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