Taxable income
This query is : Resolved
22 March 2012
while calculating Taxable income, income from Indian agricultural land is taxable? he is a resident of India and the age is 60 yrs
Dintakurthi Tirumala
(Expert)
22 March 2012
Yes, It would be included in Taxable Income for the purpose of computation of tax.
Tax calculation for having agricultural income is as follows.
Step 1: Calculate Tax including agricultural income to the total income.
Step 2: Now add the agricultural income to the basic exemption limit and compute tax on it
Step 3: step 1- step 2
Step 4: step 3 is tax payable
Step 5: Total Tax payable = step 3+ e.cess+she cess. on it
OM SAI SRI SAI JAI JAI SAI
Tax calculation for having agricultural income is as follows.
Step 1: Calculate Tax including agricultural income to the total income.
Step 2: Now add the agricultural income to the basic exemption limit and compute tax on it
Step 3: step 1- step 2
Step 4: step 3 is tax payable
Step 5: Total Tax payable = step 3+ e.cess+she cess. on it
OM SAI SRI SAI JAI JAI SAI
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