Regarding tax on Agriculture income
This query is : Resolved
08 April 2010
How to treate sec 80c to 80u in calculation of tax, when agriculture income above 5000 & non agriculture above basic examption limit. And how tax will calculate when non agricltr income is only from lottery or capital gain ?
08 April 2010
Income from lottery is taxable separtely as per section 115BB.
As per my view, for other than income , you can take deduction u/s 80 C to 80 U.
Other expert's views are solicited.
As per my view, for other than income , you can take deduction u/s 80 C to 80 U.
Other expert's views are solicited.
08 April 2010
U can not take the benifit of sec 80 c to 80i against lottery and capitag gain.
08 April 2010
Thanks. But i want to know tax calculation when there is both agriculture and non-agrcltr income and he invest 1 lacs u/s 80c.
I read in a book that in this case non-agricltr income means Gross total income, so, what's about sec.80c.
I read in a book that in this case non-agricltr income means Gross total income, so, what's about sec.80c.
08 April 2010
DED'N OF SEC 80C AVAILABLE ONLY ON YOUR TAXABLE INCOME.
IF YOUR GTI IS 200000 - 80C 100000= 100000 THEN NO TAXABLE INCOME, NO TAX LIABILITY.
BUT IF YOUR GTI IS 300000 - 80C 100000 = 200000 IS TAXABLE INCOME
+ AGRICULTURE INCOME SAY 10000
= 210000 IS AGGREGATE INCOME
CALCULATE TAX ON IT IE 5150
LESS TAX ON AGRICULTURE INCOME IE 1030
= 4120 IS NET TAX PAYABLE
IF YOUR GTI IS 200000 - 80C 100000= 100000 THEN NO TAXABLE INCOME, NO TAX LIABILITY.
BUT IF YOUR GTI IS 300000 - 80C 100000 = 200000 IS TAXABLE INCOME
+ AGRICULTURE INCOME SAY 10000
= 210000 IS AGGREGATE INCOME
CALCULATE TAX ON IT IE 5150
LESS TAX ON AGRICULTURE INCOME IE 1030
= 4120 IS NET TAX PAYABLE
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- ITR 4 and Bank transactions
- TDS AND ITR ISSUE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
