Aggregation of Income Tax
This query is : Resolved
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
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
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/-
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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