Agricultural income
This query is : Resolved
03 May 2013
Dear sir,
When and how agricultural income is taxable?I mean a person have some agricultural income and as well as income from profession,then how to calculate net tax.
condition-1
Suppose A person have income from profession of rs.400000,as well as he has a agricultural income of
rs.12000.Then how to calculate tax?
condition-2
Suppose A person have income from profession rs.400000,as well as he has a agricultural income rs.4000.Then how to calculate tax?
condition-3
Suppose A person have only agricultural income of rs.300000.Then how to calculate tax?
When and how agricultural income is taxable?I mean a person have some agricultural income and as well as income from profession,then how to calculate net tax.
condition-1
Suppose A person have income from profession of rs.400000,as well as he has a agricultural income of
rs.12000.Then how to calculate tax?
condition-2
Suppose A person have income from profession rs.400000,as well as he has a agricultural income rs.4000.Then how to calculate tax?
condition-3
Suppose A person have only agricultural income of rs.300000.Then how to calculate tax?
14 June 2013
First of all both the incomes are taken togather i.s 4,00,000 + 12,000 = 412,000/- and tax on 4,12,000/- is to be calculated say tax comes to about 20,000/-
Next step you have to take the basic exemption and with that you have to add 12,000/- say basic exemption is 2,00,000 the total income will be 2,12,000. Now you have to calculate tax on 2,12,000/- say it comes to 2,500.
The from the tax of 4,12,000 i.e 20000 tax on 2,12,000 ie 2,500 will be deducted and balance tax of 17,500 is to be paid
Next step you have to take the basic exemption and with that you have to add 12,000/- say basic exemption is 2,00,000 the total income will be 2,12,000. Now you have to calculate tax on 2,12,000/- say it comes to 2,500.
The from the tax of 4,12,000 i.e 20000 tax on 2,12,000 ie 2,500 will be deducted and balance tax of 17,500 is to be paid
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