Ipcc- partial integration of agriculture

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2013 I have doubt is about during partial integration of agriculture... dont we charge tax on normal income...

Means.. I got confused in this Q :

Mr. X has
agriculture income of Rs. 1 lakh
Salary Income Rs. 255000
LTCG Rs. 10 lakh
Casual Income Rs. 1 lakh
Age 60 yrs.

I did partial integration Which is Rs. 500, okay then..
During computation of tax liability
1. Partial Integration tax Rs.500
2. Tax on LTCG @ 20% Rs. 200000
3. Tax on casual income @ 30% Rs. 30000
4. Tax on Normal Income Rs. 500
{as per slab rate 255000-250000 = 5000 @ 10%}
So this tax on normal income is not charged in my notes... So should we charge it or not???? And if not... then why??? ASAP

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2013 You may rectify your notes if there is no information regarding Chapter VIA -deductions like LIC , PF , NSC , Medi-claim etc.
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Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2013 Sir no information regarding deduction is given...
So my solution is right or not??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2013 Your solution is right, if A Y is 2012-13.

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1. Also try to compute the tax when LIC premium paid by the assessee is Rs. 60000.
( HINT LTCG Tax will reduce)

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2. Keeping the Original Data of your query -
Salary Income 480000/- (in place of 255000),(Hint-notice the change in partial integration tax).

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2013 Thank you sir.. for your kind reply...

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2013 But sir this solution is per as per A.Y. 2013-14 not 12-13...

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2013 Ok, there is no change in the initial slab for senior citizens.
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Please do the given exercise at your level.
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Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2013 Alright sir.. thank you.