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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- Multiple trade mark
- Regarding appeal to GSTAT
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
