Tax in case of agri income
This query is : Resolved
Rishabh Ahuja
(Querist)
29 May 2012
hii all
i have a query regarding agriculture income
assume that a person is having the following incomes
agirculture income 12 lakhs
business income 03 lakhs
80C deduction available to hime 1 Lakh
assuming the latest slab rate
how should the tax be computed in this case ?
kindly explain teh entire steps to be followed
thanks !
i have a query regarding agriculture income
assume that a person is having the following incomes
agirculture income 12 lakhs
business income 03 lakhs
80C deduction available to hime 1 Lakh
assuming the latest slab rate
how should the tax be computed in this case ?
kindly explain teh entire steps to be followed
thanks !
gbalakrishnan
(Expert)
30 May 2012
agriculture income not taxable but your other income.
30 May 2012
For FY 11-12
1. Calculate tax on total income including agricultural income, i.e., Rs. 14,00,000 = Rs. 2,72,000
2. Calculate tax on (Agricultural Income + Basic Exemption Limit), i.e. Rs. 13,80,000 (12,00,000+1,80,000) = Rs. 2,66,000
3. Tax Payable = (1) - (2) = Rs. 6,000
Add: Cess @ 3% = 180
Tax Payable = Rs. 6,180
1. Calculate tax on total income including agricultural income, i.e., Rs. 14,00,000 = Rs. 2,72,000
2. Calculate tax on (Agricultural Income + Basic Exemption Limit), i.e. Rs. 13,80,000 (12,00,000+1,80,000) = Rs. 2,66,000
3. Tax Payable = (1) - (2) = Rs. 6,000
Add: Cess @ 3% = 180
Tax Payable = Rs. 6,180
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
