Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

tax computation

Save Share

This query is : Resolved

dheeraj (Querist)
Follow

01 January 2011 friends,i have doubt to compute tax in case of agriculture income with chapter VI deduction
business income 157000
agriculture income 200000
deduction 185000

plz solve,if possible with working
dchauhan2011@gmail.com

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

01 January 2011 1. Gross Total Income 157000
Less: Chapter VIA Deductions 157000
--------
Total Income 0
Add: Agriculture Income 200000
------- .
Tax Payable NIL
Agriculture Income will be considered if the Total Income is taxable.

You may go to following example also -

1. Gross Total Income 457000
Less: Chapter VIA Deductions 100000
--------
Total Income 357000
Add: Agriculture Income 200000
------- .
Total Income for Rate Purpose 557000 .
Tax on 570000 71100 . .
Less: Tax on Agriculture Income
160000+200000=360000 28000 .
Net Tax Payable 43100

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now