13 October 2012
Say,Income earned from business/profession is Rs.255000/- Income from agriculture Rs.185000/-
I need a clarification as to 1) when agriculture income is fully exempted, why we need to show it while computing income/taxable income. further, in the IT form it is mentioned "for rate purpose only" what is meant by "for rate purpose only"
2) The total income for above is Rs.440000/-. Can we not straightaway consider2,55,000/- and calculate tax liability?
I got to answer the above to an assessee having business and agricultural income