Agricultural income
Querist : Anonymous
So in simple and better clarification to you and your question. By adding the agricultural income to the total income the slab rate still 10% then we can say agricultural income is fully exempted otherwise it is taxable.
For better explanation taking the following example.
Case 1: Total income is Rs.250000 and agricultural income is Rs.100000
Total taxable income after adding agricultural income is Rs.350000 i.e with in 10% rate slab.
Case 2: Total income is Rs.250000 and agricultural income is Rs.300000
Total taxable income after adding agricultural income is Rs.550000 i.e Rs.50000 is taxable at 20%
In the first case we can say agricultural income is fully exempted. But for the second case due to the agricultural income you have to pay Rs.5000 extra tax than tax at normal income(i.e income before agricultural income) so here agricultural income upto Rs.50000 is taxable so we can't say fully exempted.
But at site at any amount of agricultural income is exempted but tax rate purpose it taxable.
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Querist : Anonymous
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Querist : Anonymous
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