Agriculture income
This query is : Resolved
09 February 2014
can we take rebate of 2000(87A) in partial integration...
09 February 2014
The rebate is available on the net tax payable.
.
Let us discuss with the help of the example -
1. Total Income 450000
2. Agriculture Income 120000
3. Total Income for Rate purpose = 570000
4. Agriculture Income + 200000 (limit) = 320000
.
5. Net Tax = Tax on 3 - Tax on 4.
.
From 5. you have to deduct the rebate as Total Income is 450000 which is not exceeding Rs 500000.
.
.
Let us discuss with the help of the example -
1. Total Income 450000
2. Agriculture Income 120000
3. Total Income for Rate purpose = 570000
4. Agriculture Income + 200000 (limit) = 320000
.
5. Net Tax = Tax on 3 - Tax on 4.
.
From 5. you have to deduct the rebate as Total Income is 450000 which is not exceeding Rs 500000.
.
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