Particulars
LTCG - 1,20,000
other sources -60,000
and Agricultural income = 20,000
what will be the IT amount?(Kindly give steps)
MEGHA KANNAN (CHARTERED ACCOUNTANT) (72 Points)
05 August 2011Particulars
LTCG - 1,20,000
other sources -60,000
and Agricultural income = 20,000
what will be the IT amount?(Kindly give steps)
Devendra
(Chartered Accountant)
(4775 Points)
Replied 05 August 2011
Please find attached here with the Excel file containing the Calculation of IT Liability.
Regards,
Devendra
pahuja
(C.A Final Student )
(472 Points)
Replied 05 August 2011
tax liability is 4120 (other than women and senior citizen)
Computation of Total income
Income under the head Capital Gain- Rs 120000
Income under the head other sources-Rs 60000
(other than gambling activities)
Total Income-Rs180000
Agricultural income-Rs 20000
Computation of tax liab
capital gain @ 20% -Rs 24000
ed cess @ 3% -Rs 720
Total tax-Rs 24720
Note- 1)assumed not a case of partnership or a company.
2)in this case partial integration is not applicable becoz non agricultual income(other sources income) is up to limit not chargeable to tax
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 05 August 2011
For AY 2012-13 FOR ANY INDIVIDUAL
TAX PAYABLE - NIL
Long Term Capital Gain 120000
IFOS 60000
TOTAL INCOME 180000
TAX AT SPECIAL RATE @ 20% ON 20000 ..... 4000
TAX AT NORMAL RATE ON 160000 NIL
Here Agriculture Income will not be added for rate purpose as Normal Tax Rate Income is less than 160000/-
Sorry Paras sir
Computation of Total income(Asst year- 2011-12)Male Assessee <65 years
Income under the head Capital Gain- 120000
Income under the head other sources-Rs 60000
(other than gambling activities)
Total Income-Rs180000
Agricultural income-Rs 20000
Computation of tax liab
capital gain @ 20% [120000-100000{160000-60000}]on20000-Rs 4000
ed cess @ 3% -Rs 120
Total tax-Rs 4120
Note- 1)assumed not a case of partnership or a company.
2)in this case partial integration is not applicable becoz non agricultual income(other sources income) is up to limit not chargeable to tax
MEGHA KANNAN
(CHARTERED ACCOUNTANT)
(72 Points)
Replied 06 August 2011
Dear all
thanks a lot ...So the answer is Rs4120 (Incl of Cess)..
MEGHA KANNAN
(CHARTERED ACCOUNTANT)
(72 Points)
Replied 06 August 2011
In the above LTCG is subject to Sec 112 right?
and Agricultural Income will be included only if the Normal tax rate income exceeds 1,60,000..So the rule will be the same even if LTCG = 1,60,000 i.e
CG @ 20%[160,000-{1,60,000-60,000}]=12000+Cess
(For Individual Male not being a senior Citizen)
Section u/s 112 tax on LTCG-in case of Resident individual or resident HUF
if the normal income is less than exemption limit ,in such case any deficiency shall be allowed from LTCG, But if LTCG are not sufficient , deficiency shall be allowed from STCG u/s 111A .However no such deficiency is allowed from casual income.
https://www.vakilno1.com/bareacts/incometaxact/s112.htm
Please ref above link
Thanks
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 07 August 2011
agree with all...
here sec 112 (1) is applicable...
you have income :
LTCG - 1,20,000
other sources -60,000
and Agricultural income = 20,000
[ 120000-(160000-60000)*20%]
i.e. 20000*20%
= 4000 (excluding cess)
vishal
(article ass)
(27 Points)
Replied 06 September 2011
can anybody tell me that is there any requirments to submmit any documentary proof for agriculture income ?
MEGHA KANNAN
(CHARTERED ACCOUNTANT)
(72 Points)
Replied 13 September 2011
Dear All ..
What if
Agricultural Inc - 250,000
LTCG-20% - 1,00,000
STCG (15%) - 200,000
Lottery - 50,000
Answer:
No normal rate income
So Lottery – 50,000*30% =15,000
STCG – 15%(2,00,000-1,60,000) = 6,000
LTCG – 1,00,000*20% =20,000
Therefore total tax will be 41,000 excl Cess
Agricultural income will not be considered for rate purpose as
is this right?
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