tax calculation of agri.income.

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sagar (Querist)
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29 December 2009 A.Y. 09-10
agriculture income 35000/-
LTCG(from sale of land) 250000/-
assessee - resident femle(below age 65yrs)
QUE. tax calculation ???

HINT:here no normal income is there!

NOTE:"partial integration taxation"applies when there is normal income(slab rate income)along with agri.income

plz give legal ref.

CA Sidhi Gaur

CA Sidhi Gaur (Expert)
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30 December 2009 agriculture income above Rs5000 will be chargeable to tax.in your case first add agr income with max amount not chargeable to tax and calculate tax liability on it. then add agr income with other income and calculate tax liability.
difference b/w the 2 taxes(plus ed cess) calculated above will be your liability of tax.

Arjuna Raina

Arjuna Raina (Expert)
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30 December 2009 If agriculture income is above Rs 5000 and above the max amount not chargeable to tax.Both the conditions must satisfy.

Rest agreed with sidhi madam!!!!

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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30 December 2009 agree with experts

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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30 December 2009 I do agree the above two views.Just eloborating the same as below.

step no 1 Add agricutural income and Basic excemption limit.(assuming that it is exceed Rs 5000) and then compute the tax.

Step 2 Add agricutural income and other income and compute the tax liability.

Step 3 Compute the difference between step 1 and 2 above.

sagar

sagar (Querist)
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31 December 2009 A.Y. 09-10
agriculture income 35000/-
LTCG(from sale of land) 250000/-
assessee - resident femle(below age 65yrs)
QUE. tax calculation ???

HINT:here no normal income is there!

NOTE:"partial integration taxation"applies when there is normal income(slab rate income)along with agri.income

plz give legal ref.

Arjuna Raina

Arjuna Raina (Expert)
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31 December 2009 do some work by using your brain as CA Vivek has given you the best computation procedure. work out on it then ask

It is for your benifits.Experts are not only here to give answers they are here to make others to use their brain.

Sorry dont mind brother

sagar

sagar (Querist)
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01 January 2010

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