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
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