The Net taxable income is 2242571. Net Agri. Income is 122343. In the Computation the rabe on agri. income mentioned as 20468. please tell how it come
sachin patil (Accountant) (102 Points)
23 February 2009The Net taxable income is 2242571. Net Agri. Income is 122343. In the Computation the rabe on agri. income mentioned as 20468. please tell how it come
CA Trinath Galla
(student)
(3130 Points)
Replied 23 February 2009
1.first of all find out the tax liability of the aggregate income (net taxable income+agri. income).
2.next find the taxl iability on (agricultural income+basic exemption limit) itself.
3.deduct 2 from 1.
and 3 is the actual taxliability
thatmeans 2 is the rebate on agricultural income
sachin patil
(Accountant)
(102 Points)
Replied 25 February 2009
CA Pradeep Jain
(Job - Finance Department)
(69 Points)
Replied 26 February 2009
First calculate Income tax including Agri income (2242571+122343 = 2364914) whcih wil be 746051/- (a)
Then calculate Income tax excl Agri Income i.e. on Rs 2242571 which will come to 704467/- (b)
Rebate will be (a) - (b)
746051-704467 = 41584
Hope this help you.
sachin patil
(Accountant)
(102 Points)
Replied 26 February 2009
Thanx Pradeep Sir. But in Computation teh rebate mentioned as 20468. The assesse is Proprietorship & in construction business. Please reply
sachin patil
(Accountant)
(102 Points)
Replied 27 February 2009
Mr. Afreen Khan can u explian by calculations. please
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