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Aggregation of Income Tax

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(Querist)
27 February 2009 Please compute the taxability of a normal individual for A.Y 09-10

Business Income - Rs. 1,00,074
Agricultural Income - Rs. 15,000
LTCG(to be taxed @20%) - Rs. 2,78,344

Whether the agricultural income will get taxed or not
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
27 February 2009 Tax Liabilty shall be 48598/- including education cess.
Calculation is :
Tax on total income (Including agriculture income) : 48683/-
(due to LTCG balance after adjusting the minimum basic exemption limit)

Less: Tax on (Basic exemption limit of Rs.150000 + Agriculture income of Rs. 15000) : 1500/-
Net Tax Liability : 47183/-
Add: Education Cess@3% : 1415/-
Total Tax Liability : 48598/-

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