Query on tax on agriculture income sec 10(1)
This query is : Resolved
27 July 2016
My client GTI is Rs 6,00,000.00 (from PGBP) and his Agriculture income is Rs 4,00,000.00 total Income Rs.10L. As per sec 10(1) Agriculture income is exempt. So do he need to pay tax on Rs. 6L only.
Kindly advice what is tax payable by him on above income.
Kindly advice what is tax payable by him on above income.
Amol S Joglekar
(Expert)
28 July 2016
Although the agricultural income is exempt, it is added for the RATE purpose
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Amol S Joglekar
(Expert)
28 July 2016
had there been no agricultural income, the tax would have been 45,000 + cess 900+450 = 46,350
Since agricultural income is added for rate purposes, the tax wold be 70,000 + cess1400+700=72,100
How?
calculate tax on 600000+400000=10,00,000. it comes to 125,000
calculate tax on 250000+400000 = 650,000. it comes to 55,000
so? tax payable = 125,000 - 55,000 = 70, 000.....+ cess
Since agricultural income is added for rate purposes, the tax wold be 70,000 + cess1400+700=72,100
How?
calculate tax on 600000+400000=10,00,000. it comes to 125,000
calculate tax on 250000+400000 = 650,000. it comes to 55,000
so? tax payable = 125,000 - 55,000 = 70, 000.....+ cess
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CA.Karan Dawar
(Expert)
28 July 2016
agriculture income is to added for rate purpose. rest is cleared by Amol Ji.
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30 July 2016
Dear Amolji, Can you clarify my following query also.
My client is tour operator and they have made booking of Railway train tickets for there client for one tour. Tickets are purchased in cash and amount spend is more than Rs. 20000.(Approx Rs. 1L). Now my query is here railway will be qualified as payment made to government or not?? whether sec 40A(3) will be applicable in this situation. Need your suggestion for future to avoid such this situation.
My client is tour operator and they have made booking of Railway train tickets for there client for one tour. Tickets are purchased in cash and amount spend is more than Rs. 20000.(Approx Rs. 1L). Now my query is here railway will be qualified as payment made to government or not?? whether sec 40A(3) will be applicable in this situation. Need your suggestion for future to avoid such this situation.
Amol S Joglekar
(Expert)
01 August 2016
you are most welcome
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Amol S Joglekar
(Expert)
01 August 2016
it is the case of tour operator. For sales and purchases, no disallowance.....It is, at the most, for REPORT purpose.
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01 August 2016
Dear sir,
How that expenses may not be disallowed when expenses incurred in cash which is more than Rs.20000.00 to a person (ie. to Central Railway) in one day. Please clarify my doubt.
How that expenses may not be disallowed when expenses incurred in cash which is more than Rs.20000.00 to a person (ie. to Central Railway) in one day. Please clarify my doubt.
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