Income tax on agricultural income and business income in cas

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CA Monika Jain (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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%.

CA Monika Jain

CA Monika Jain (Querist)
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29 December 2014 super enior citizen agricultural income is 4 lakhs and non agricultural income is around 167000 , then what is the calculation

Rupesh Jain

Rupesh Jain (Expert)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 December 2014 67000 will be taxed at 20%.

CA Monika Jain

CA Monika Jain (Querist)
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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

Rupesh Jain

Rupesh Jain (Expert)
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29 December 2014 yes its my mistake its like that as you mention.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 December 2014 You are right for senior citizen business income up to 5 lacs is exempted.

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