What point to be considered while preparation of agricultural income return.
Help on agricultral income return preparation
CA. Dilip Jabuani (Dilip A Jabuani & Co) (230 Points)
18 May 2012
CA. Dilip Jabuani (Dilip A Jabuani & Co) (230 Points)
18 May 2012What point to be considered while preparation of agricultural income return.
CA Manish Pawan
(Practicing Chartered Accountant)
(134 Points)
Replied 18 May 2012
there is nothing special to be considered while filling an ITR for agricultural income except the calculation of tax in case if assesse has earned some non-agricultural income also in the said F.Y.
In that case Follow these steps to calculate tax
1. Calculate Gross Total Income Including Agricultural Income
2. Calculate Tax on above assuming that agricultural income is also taxable.
3. Calculate Tax on Just Agricultural Income + Basic Exemption limit available under the act.
4. Deduct the amount calculated as per step 3 from Amount derived from step 2. This amount will be the tax payable. Add cess and interest if any to the tax, to get total tax liability.
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