Dear All,
how to calculate Agricultal Income earned In India and what are the documents required as proof of agricultural income.
Thanks
Say your agri income is 1L and other income is 7L. Calculate tax on 8L say it is 72500
Then take agri income and lowest slab (2.5L/3L/5L as the case may be). Calculate tax on 1L plus 2.5L I.e 3.5L. it will be 5000.
Now U have pay net tax of 72500-5000 I.e 67500 plus the cess
CAclubindia
