Income tax on agricultural income and business income in cas
This query is : Resolved
29 December 2014
sir,
If a super senior citizen has business and agricultural income both, then how should we taxed agricultural income . I s there any exemption. Pls suggest ,it is urgent
If a super senior citizen has business and agricultural income both, then how should we taxed agricultural income . I s there any exemption. Pls suggest ,it is urgent
29 December 2014
Agricultural income is exempted it will be added only for rate purposes. Suppose the senior citizens agricultural income is 5 lacs the business income up to 5 lacs will be taxed at 20%.
29 December 2014
super enior citizen agricultural income is 4 lakhs and non agricultural income is around 167000 , then what is the calculation
29 December 2014
400000+167000= tax calculation 67000x20% ax
and then first slab on which tax is exempt will include in agriculture income (250000+167000= tax calculation )
diff of I and II will be the tax liability of assesse.
and then first slab on which tax is exempt will include in agriculture income (250000+167000= tax calculation )
diff of I and II will be the tax liability of assesse.
29 December 2014
67000 will be taxed at 20%.
29 December 2014
should not be like that
1. 400000+167000=67000*20%=13400
2. 400000+500000=400000*20%=80000
3. 13400-80000= nil tax because tax on agricultural income is more than tax on normal income
1. 400000+167000=67000*20%=13400
2. 400000+500000=400000*20%=80000
3. 13400-80000= nil tax because tax on agricultural income is more than tax on normal income
29 December 2014
yes its my mistake its like that as you mention.
29 December 2014
You are right for senior citizen business income up to 5 lacs is exempted.
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