Agricultural income
This query is : Resolved
dipak kumar
(Querist)
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
Gayathri Devi
(Expert)
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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