Agricultural income
This query is : Resolved
26 May 2016
Sir,
Suppose Mr. X is both producer and manufacturer of tea and coffee. He has two farm lands one for tea and other for coffee. Mr. X manufactures Commercial Tea and Commercial Coffee as two seperate businesses. Now his income from tea business is 6 lakhs and from coffee business it is 8 lakhs in an year. As per partly agriculture and partly business income his income from tea will be 60: 40 and for coffee it is 75:25. Sir, for tea 60% is 3,60,000 is agri-income and 40% it is 2,40,000 (business income which is less than minimum exemption limit). For coffee it is 6,00,000 and 2,00,000 where his business income is less than minimum exemption limit. How to calculate the tax liability of Mr. X
(a) both tea and coffee are different businesses. (b) the collective income of both businesses is more than minimum exemption limit.
Pl help me . .
Suppose Mr. X is both producer and manufacturer of tea and coffee. He has two farm lands one for tea and other for coffee. Mr. X manufactures Commercial Tea and Commercial Coffee as two seperate businesses. Now his income from tea business is 6 lakhs and from coffee business it is 8 lakhs in an year. As per partly agriculture and partly business income his income from tea will be 60: 40 and for coffee it is 75:25. Sir, for tea 60% is 3,60,000 is agri-income and 40% it is 2,40,000 (business income which is less than minimum exemption limit). For coffee it is 6,00,000 and 2,00,000 where his business income is less than minimum exemption limit. How to calculate the tax liability of Mr. X
(a) both tea and coffee are different businesses. (b) the collective income of both businesses is more than minimum exemption limit.
Pl help me . .
26 May 2016
you have to club the total income and calculate the tax.
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