Tax liability of a farmer
This query is : Resolved
13 May 2014
A farmer having agricultural income 2.00 lacs, FDR interest income 1.00 lac and short term capital gain from share market is 2.50 lacs, what will be income tax liability ?
14 May 2014
Tax liability will be Rs. 26265/-
15 May 2014
Please let me have the calculation.. How much exempted and how much taxable ?
16 May 2014
5,50,000 Total Taxable Income
2,00,000 Exempt Income
1,00,000 Taxable income normal rate
2,50,000 Taxable income special rate
Tax will be 10,000+37,500 = 47,500
Less: Income Tax on Agricultural Income included above will be 20,000
so Income Tax = 47,500 - 20,000 = 27,500
Less: rebate = 2000
Tax =27,500 - 2000 = 25500
Tax Payable = Income Tax + Education cess 25500 + 765 = 26265
2,00,000 Exempt Income
1,00,000 Taxable income normal rate
2,50,000 Taxable income special rate
Tax will be 10,000+37,500 = 47,500
Less: Income Tax on Agricultural Income included above will be 20,000
so Income Tax = 47,500 - 20,000 = 27,500
Less: rebate = 2000
Tax =27,500 - 2000 = 25500
Tax Payable = Income Tax + Education cess 25500 + 765 = 26265
16 May 2014
Thank you for calculation to understand,.
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