Agricultural income
This query is : Resolved
17 November 2012
hi,
i would like to ask about the articles and explanations on tax implication on agricultural income in india
thanks
Dipak umar
i would like to ask about the articles and explanations on tax implication on agricultural income in india
thanks
Dipak umar
17 November 2012
Agricultural Income if exceeds Rs.5000/ and the Total income exceeds the basic slab rate then the tax implication is applicable for the agricultural income.
For ex TOtal income is Rs.250000 & agricultural income is Rs.50000/ then calculate tax for Rs.300000/(250000+50000) then Rs.12000/ and for Rs.50000/ Rs.5000/ Deduct Rs.5000 as rebate. then the balance Rs.7000/ is the tax liability.
For ex TOtal income is Rs.250000 & agricultural income is Rs.50000/ then calculate tax for Rs.300000/(250000+50000) then Rs.12000/ and for Rs.50000/ Rs.5000/ Deduct Rs.5000 as rebate. then the balance Rs.7000/ is the tax liability.
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