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Business income and agriculcutral income

Tax queries 346 views 2 replies

Hi,

Would like to know what will be the Income Tax Liability of a Individual if his business income is 10 lacs and Agricultural Income is 5 lack per annum.

 

Thanks 

 

 

Prashant Rathi

Replies (2)
income tax liability is as follows:- 1. tax on aggregation of both (ie:on 15 lakh):-302000 2. Tax on agri.income+basic exemption(ie:5 lakh+1.80 lakh) :-68000 3.net tax liablility(1-2)ie(3.02-.68):-2.34 lakh 4.Add cess 3% :- 0.0702 5.total tax laibility :- 2.41520 lakh
Please see the attachment to calculate any amount by putting agricultural income and non agricultural income. Automated excel sheet.


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