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Computation of income for individual (Income Tax)

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This query is : Resolved



( Author )
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

regards


Siddhartha Bhardwaj

( Expert )
13 October 2012

Where an assessee has income from both agricultural source and non-agricultural source, then the tax liability is calculated by the following formula:

Tax on total income including agriclutural income
Less: Tax on (agriclutural income + exemption limit)


vinaykumar deshpande

( Author )
14 October 2012

what is the exemption limit? will u kindly show me the computation of income..

thanks



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