tax computation
This query is : Resolved
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
business income 157000
agriculture income 200000
deduction 185000
plz solve,if possible with working
dchauhan2011@gmail.com
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
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
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