Agricultural income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2012
my client is having salary income of rs. 320000 and agricultural income of rs. 200000
by sale of wheat and cotton.
do need to apply partial clubbing of agricultural income to find out tax liability?
do sale of milk is agricultural income??
by sale of wheat and cotton.
do need to apply partial clubbing of agricultural income to find out tax liability?
do sale of milk is agricultural income??
CA Prashant Gupta
(Expert)
08 April 2012
The sale of milk is not agriculture income.
You have to club agriculture income and get tax amount then calculate basic exmeption + agriculture income 's tax amount.
Reduce the 1st amount by 2nd amount and find the tax liability.
You have to club agriculture income and get tax amount then calculate basic exmeption + agriculture income 's tax amount.
Reduce the 1st amount by 2nd amount and find the tax liability.
Mihir Doshi
(Expert)
09 April 2012
Agree with Expert.
Milk is not agriculture income.
Milk is not agriculture income.
09 April 2012
You have to add both the income i.e Income from Salary and agricultural income. In this case your salary income is 3,20,000 and Your agricultural income is 2,00,00. Hence your total income is 5,20,00/- You have to calculate what is tax on 5,20,00 say X
From this you have to deduct tax on Agriculture Income + basic exemption which is Rs. 2,00,000 in the current budget. Hence tax on 4,00,000 shall be reduced from X and net tax shall be payable on which 3% surcharge or ED to be added
From this you have to deduct tax on Agriculture Income + basic exemption which is Rs. 2,00,000 in the current budget. Hence tax on 4,00,000 shall be reduced from X and net tax shall be payable on which 3% surcharge or ED to be added
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