Salary income plus agriculture income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2013
The salaried income is 6,75 lakhs p.a.[Net salary income after all deductions]. In addition to there is an agricultural income of Rs.25000 p.a.
Is this Agri income totally exempt from tax?.
Agri income is taken for rate purposes and ITR 2 is filed.
can I claim 5000 as tax exemption? 20% of 25000
Is this Agri income totally exempt from tax?.
Agri income is taken for rate purposes and ITR 2 is filed.
can I claim 5000 as tax exemption? 20% of 25000
27 July 2013
Agriculture income is exempted from tax. But the department has taken back door to tax such income by adding ag income to total income and giving relief of tax.
As long as your income slab remains same (after adding ag income), there is no additional tax liability due to ag income.
If your income slab changes say 10% to 20% or 20% to 30% and so on, your tax liability is increased due to ag income
As long as your income slab remains same (after adding ag income), there is no additional tax liability due to ag income.
If your income slab changes say 10% to 20% or 20% to 30% and so on, your tax liability is increased due to ag income
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
